Asked by Angel Medrano on May 14, 2024
Verified
Explain what must be done to create a limited partnership.
Limited Partnership
A business arrangement where at least one partner is liable only to the extent of their investment, while at least one other has unlimited liability.
- Gain insight into how partnerships are formed and concluded.
- Distinguish between the characteristics of general partnerships and limited partnerships, including their legal structures.
Verified Answer
SJ
SOPHEIAH JONES-FITZGERALDMay 15, 2024
Final Answer :
Limited partners invest in the partnership but do not participate in the management or the business with the general partners. They can't let their surname be associated with the partnership, and they have to register their limited partnership with the appropriate government official.
Learning Objectives
- Gain insight into how partnerships are formed and concluded.
- Distinguish between the characteristics of general partnerships and limited partnerships, including their legal structures.
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