(っ◔◡◔)っ ♥ Partnership ♥

Question 1

Effect of filing statement of qualification [partnership -> LLP]

Answer 1

Filing of a statement of qualification does NOT create a new partnership. New LLP remains liable for obligations incurred before transformation.

Question 2

LLP

Answer 2

A partnership in which a partner’s personal liability for obligations of the partnership is eliminated.

Governed by the same rules as the old partnership insofar as they apply to partnership obligations.

Question 3

Obligations of general partners

Answer 3

Partners are jointly and severally liable for all partnership obligations.

Question 4

LLP- partner liability

Answer 4

Limited partners are not personally liable for an obligation of an LLP.

Limited liability partnership status is generally only effective on the date that the statement of qualification is filed with the state.