Partnership Im about to give up

Question 1

What are the essential requisites in the formation of a limited partnership?

Answer 1

1. The certificate of limited partnership, signed and sworn to and containing all the items in article 1844.
2. The certificate of limited partnership must be filed in the office of the Securities and Exchange commission.

(A limited partnership must always be in writing, non compliance = no limited, but there might be a general partnership)

Question 2

What are the rights of a limited partner?

Answer 2

1. The right to have the partnership books kept at the principal place of business of the partnership, and at a reasonable hour to inspect and copy any of them
2. The right to have on demand true ad full information of all things affecting the partnership and a formal account of partnership affairs whenever circumstances render it just and reasonable
3. The right to have dissolution and winding up by decree of court
4. The right to receive a share of the profit or other compensation by way of income
5. The right to receive return of his contribution if the partnership assets are in excess of the partnership liabilities

Question 3

Can you become a general and limited partner at the same time?

Answer 3

Yes, it is provided in Article 1853, as long as it is stated in the Certificate of partnership.

A person who is a general limited partner has the rights and liabilities of a general partner, but in regards to his contributions his rights are those of a limited partner insofar as the other partners are concerned

Question 5

What happens to a contributor who erroneously believes that he has become a limited partner?

Answer 5

1. On ascertaining the mistake, he promptly renounces his interest in the profits of the business, or other compensation by way of income and
2. He does not take part in the control of the business

Question 6

What are the 2 kinds of dissolution?

Answer 6

ExtraJudicial
Judicial

Question 6

What are the 3 final stages of a partnership?

Answer 6

1. Dissolution (Simply changes the relations of the partners, but the partnership still kind of exists)
2. Winding up (The process of settling business affairs after dissolution
3. Termination