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Features of limited partnership?
limited partnership has two partners with different liability;general partners and limited partners.
What is a partnership in which partner share equally in both responsibility and liability?
A general partnership is one which partners share equally in both responsibility and liability. This is different from the limited liability partnership.
What are the classification of liability?
two classification of libilieties
What are the 2 classification of liability?
two classification of libilieties
Does joint liability extend to all partners?
It extends to all general partners, but not to limited partners.
Is limited partnership and limited liability partnership the same thing?
No, a limited partnership (LP) and a limited liability partnership (LLP) are not the same. In an LP, there are general partners who manage the business and have unlimited liability, while limited partners have limited liability but typically do not participate in management. In contrast, an LLP allows all partners to have limited liability, protecting them from personal liability for the partnership's debts and obligations, and typically all partners can participate in management. Thus, the key differences lie in liability and management roles.
What form of partnership allows some of the investors to limit their liability?
A special form of partnership, called a Limited Liability Partnership, can be utilized. under this arrangement, one or more partners are designated general partners and have unlimited liability for the debts of the firm; other partners are designated limited partners and are liable only for their initial contribution.
What is unearned commission account classification?
liability
What are the characteristics of a partnership?
If the partnership is a general partnership, all partners assume unlimited liability. However, if the partnership is a limited partnership, one or more of the partners assumes unlimited liability
In a limited partnership who carries most of the liability?
General partners
What is general liability classification code 12362?
90504
What is the classification of mortgage in accounting?
non current liability
