0
Liability Protection:
In general partnerships, each participant is personally responsible for the actions of the company. This includes debts, liabilities and the wrongful acts of other partners. One advantage of a limited liability partnership is the liability protection it affords.
Flexibility:
Liability partnerships offer participants flexibility in business ownership.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
What were the advantage of corporations over partnership Why were they good for investors and partner?
Corporations have limited liability.
Is not an advantage of a limited partnership?
All partners have to agree with echother when makeing business decisions.
How many types of partnership possible?
4 types -general partnership -limited partnership -master limited partnership -limited liability partnership
Is this true or false The 3 types of partnerships are general partnership unlimited partnership and unlimited liability partnership?
The ones I'm aware of (In the US) are General Partnership, Limited Partnership (LP), Limited Liability Partnership (LLP), and Limited Liability Limited Partnership (LLLP)
What is a a partnership in which all partners are limited?
A limited partnership takes place when all partner are limited.
What is the maximum income allowed from a limited partnership in an IRA?
The maximum income allowed from a limited partnership in an IRA is $1,000 per year. Under the IRA, a limited partnership is entitled a master limited partnership or MLP.
Abbreviation for partnership?
LP Limited Partnership
Features of limited partnership?
limited partnership has two partners with different liability;general partners and limited partners.
Which of the following terms represents a business that is similar to a general partnership, except that in addition to general partners there are one or more limited partners?
limited partnership a+
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.
When was Hines Interests Limited Partnership created?
Hines Interests Limited Partnership was created in 1957.
What is the population of Hines Interests Limited Partnership?
The population of Hines Interests Limited Partnership is 2,900.
