Partnership Rights Flashcards by Nicole Jansma | Brainscape

Q

Voting/Management

A

GP: Equal management rights

LP: General partners only; limited partners get votes for extraordinary activities

LLP: same as GP

LLLP: same as LP

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Q

Distributions

A

GP: Unless otherwise stated, share profits equally and share losses based on profit share

LP: Distribution based on contribution

LLP: same as GP

LLLP: same as LP

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Q

Transfers

A

Partners can transfer their financial interests, but not their management interests.

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Q

Information

A

Partners have a right to inspect/copy the books.

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