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Differences between partnerships Flashcards

1
Q

Limited Partnerships

formed by

A

filing something with the state

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2
Q

Limited Partnerships

management rights

A

only general partners have management rights

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3
Q

Limited Partnerships

Who are personally liable for obligations of the partnership

A

Generally, only general partners are personally liable for obligations of the partnership

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4
Q

Limited Partnerships

Must include in the name of the partnership

A

must indicate it is a limited partnership in the name of the company

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5
Q

Limited Partnerships

Default rule for split profits

A

Default is split profits based on contributions

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6
Q

General Partnerships

Can be formed…

A

informally/by accident

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7
Q

General Partnerships

Default management rights

A

Default is equal management rights for all

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8
Q

General Partnerships

Partners that are personally liable for obligations of the partnership

A

all partners are personally liable for obligations of the partnership

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9
Q

General Partnerships

must indicate in the name of the partnership

A

no requirement to indicate it is a general partnership

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10
Q

General Partnerships

Default rule for splitting profits

A

split profits equally

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11
Q

4 types of partnerships

A
  1. general partnership
  2. limited partnership
  3. limited liability partnership
  4. limited liability limited partnership
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12
Q

General partnership

limited liability for all

A

no. unlimited liability for all

what does this mean

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13
Q

general partnership

managment rights for all?

A

yes

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14
Q

limited partnership

limited liability for all?

A

no. limited liability for limited partners, unlimited liability for general partners

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15
Q

limited partnership

managment rights for all?

A

managment rights for general partners

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16
Q

limited liability partnership

limited liability for all?

17
Q

limited liability partnership

managment rights for all?

18
Q

limited liability limited partnership

limited liability for all?

19
Q

limited liability limited partnership

managment rights for all?

A

no. managment rights for general partners

20
Q

LP Charter

A

Certificate of Limited Partnership

21
Q

LLP Charter

A

Certificate of Limited
Liability Partnership or
Statement of Qualification

22
Q

LLLP Charter

A

Certificate of Limited
Liability Limited
Partnership (or election on
LP form)

23
Q

Corporation Charter

A

Certificate of Incorporation
or Articles of Incorporation

24
Q

LP governing Document

A

Partnership Agreement (limited)

25
Q

LLP Governing Document

A

Partnership Agreement (Limited Liability Limited)

26
Q

Corporation Governing Document

Biz Orgs (17 decks)

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