+
Related Flashcards
Cards In This Set
| Front | Back |
|
To whom are losses and gains passed through in a limited partnership?
|
The partners
|
|
What type of partner is typically an investor?
|
Limited partner
|
|
What is the duty of a general partner in a limited partnership?
|
Promote the business and manage the day-to-day operations
|
|
What type of entity is a limited partnership?
|
Non-taxable
|
|
Which partner can transfer ownership without dissolving the partnership?
|
The limited partner
|
|
Which partner is personally reliable for the business if it fails?
|
General partner
|
|
How can a limited partnership shelter income from taxation?
|
It is a non-taxable entity
|
|
What is the purpose of a limited liability partnership?
|
To allow those who want to operate a partnership the benefit of a limited liability.
|
|
Who must partners in a limited liability partnership register with?
|
The state
|
|
What term must partners in a limited liability partnership include in the name of the partnership?
|
Limited
|
|
What does a limited liability partnership remove?
|
A partner's personal liability for another partner's mistakes or wrongdoings
|
