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yep trust is the main thing in your relationship
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoYes, where the state corporation statutes allow it. A partnership, LLC or corporation also generally can be a partner in a partnership.
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General Partnership - Abbreviation?
A general partnership is a business design in which each partner of the business is responsible for the companyâ??s debts. The actions of one partner are binding for each partner within this relationship. The abbreviation for a general partnership is GP.
What partnership requires only one partner to be a general partner?
A partnership that requires only one partner to be a general partner is called a limited partnership. This is a form of partnership.
Can an llc be a partner in a partnership?
Yes, an LLC can be a partner is a partnership and they often are. In this case, all partners in the general partnership are general partners.
How do you relinquish a partnership if the partner does not buy you out?
Withdraw as a partner. The partnership agreement should address this issue.
What is a principal partner in a partnership?
he is the sole propritor of a partnership
What suitable designation can be used by partner according to the partnership act 1932?
The Partnership Act of 1932 allows for a Limited Liability Partnership. In a Limited Liability Partnership, one partner is not responsible for another partner's negligence and misconduct. Depending on the state, and the partnership, there are varying degrees of limited partnership.
What to do when your business partner entered the partnership fraudulently?
Take the partner to court to preserve your interests, and disolve the partnership.
Can a partnership have directors?
Where a corporation is a partner in a partnership, the corporation's directors can have an indirect effect on the partnership.
What is the abbreviation for a partnership?
partner
Can a corporation be a partner in a partnership?
Yes. A corporation is an artificial person but is a person according to the law and thus can be a partner in a partnership.
Is Partnership comes to an end when a partner resign from partnership?
Partnership has a limited span of life, so if one partner will resign the partnership will be dissolved.There will be some changes or adjustments to be made by the remaining partners.
Your wife's mother died and she was a partner in a trust What happens to the partnership now Does your wife become a partner?
In principle, unless the wife was declared as a successor to her mother as partner in the trust, she would not automatically be the new partner. Successors and beneficiaries (inferior trusts) must be declared in the minutes or addenda contract's parts. A partnership is not a good way to go. However, when a partner dies, the other partner is now by him or herself. The best way is a pure trust wherein a board of managing directors exists elected by the board of trustees. When a managing director dies, nothing happens except condolences and his successor would take his or her position. grnthghs@yahoo.com can be of service at no cost.
