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What does LP stand for related corporations?
It stands for "Limited Partnership" and in case you were wondering what GP means as well, GP stands for "General Partnership."
What document clarifies how partners will share profits and losses?
That would be a partnership agreement.That would be a partnership agreement.That would be a partnership agreement.That would be a partnership agreement.
The advantages and disadvantages of a partnership?
One disadvantage to having a partnership is the fact that you have to share your profits. An advantage to having a partnership is the fact that if the business fails you can share the losses.
Division of profit and losses in partnership?
Profits and losses are shared evenly Except otherwise stated in the contract.
What is a dormant partnership?
A partner who takes no share in the active business of a company or partnership, but is entitled to a share of the profits, and subject to a share in losses
What is the difference from Passive loss rules to at risk rules?
First and foremost, both of these terms are tax terms of art. Passive losses are "hobby losses," losses that are not derived from the main business activity. These losses are sometimes deductible. In contrast, the "at risk rules" is basically an understanding used in partnership, which states that you cannot allocated losses to someone not at risk for those losses; thus, you must allocated loss by the amount of risk, which is usually also demonstrated by gain allocation. E.g. A partnership has three partners, A, B, and C. A and B each put in 49% of the income, C puts in 2%. That year the partnership has 100 dollars in losses. The partnership cannot allocate 100% of the losses to C, because he was not "at risk" of losing that much. These rules were enacted to do away with tax shelters that throw out losses to investors.
What does LLLP stand for in legal profession?
LLP stands for Limited Liability Partnership
What is IRS form 1065 used for?
Form 1065 is an information return used to report the income, gains, losses, deductions, credits, etc., from the operation of a partnership. A partnership does not pay tax on its income but "passes through" any profits or losses to its partners. Partners must include partnership items on their tax or information returns.
What stands for PFP in operation Black Sea harmony?
It stands for Partnership for Peace. It is discussed at http://www.nato.int/issues/pfp/index.html.
Cellco partnership dba Verizon wireless?
Cellco Partnership is a group formed from Verizon and Vodafone, DBA stands for Doing Business As.
In general partnership if one partners actions cause the firm losses then?
all of the general partners suffer
In a general partnership?
In a general partnership, two or more individuals or entities join together to run a business. All partners have equal rights and responsibilities and share in the profits and losses of the business. Each partner is personally liable for the debts and obligations of the partnership.
