Business structure

Question 1

General Partnership

Answer 1

= 2 or more people

partnership interest is always considered personal property

Question 2

General partnership formation

Answer 2

can be oral
can be implied
Must be written if falls within statute of frauds

Question 3

Limited partnership

Answer 3

Governed by L.P. laws

Must file L.P Certificate with Sec of State ( only gen partners must be listed)

Question 4

Limited partnership profit/loss

Answer 4

split according to capital contribution amounts by default

Question 5

Disadvantage of Limited partnership

Answer 5

Limited partners cannot participate in management decisions and maintain their limited liability

Question 6

Limited partner liability

Answer 6

Advantage: limited partners only liable to extent of their capital contributions

Question 7

Limited Liability Partnership

Answer 7

majority vote requited to form
must file articles with sec of state
governed by laws of that state
"limited liability partnership" must be in the name
no general partners