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What is oe important difference between a general partnership and a limited partnership?
Any general partner is jointly and severally liable for all debts of the general partnership; limited partners are not liable. This means that all general partners are equally liable for partnership debts and any creditor can go after any of the partners to collect. Limited partners are not liable beyond their contributions.
What are the advantages and disadvantages of a partnership businesses?
Some advantages of a partnership business is that the gains and losses are shared, you share the resposibilities, and it's easy to set up. But some disadvantages to a partnership business is that each partner is 'jointly and severally' liable for the partnership's debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts, there is a risk of disagreements and friction among partners and management, and each partner is an agent of the partnership and is liable for actions by other partners
What is the difference between LLP and traditional partnership firm?
Under traditional partnership firm, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful acts or misconduct.
Is a medical receptionist liable for negligence?
A medical receptionist can be liable for negligence if they fail to perform their duties with reasonable care, resulting in harm to a patient. Negligence could involve miscommunication, inadequate record-keeping, or failure to follow proper protocols that lead to negative outcomes for the patient.
Who is found liable if investigation proves negligence in DTS?
DAO
Difference between partnership and public limited company?
A partnership is a legal term to define a joint venture of 2 or more persons. In a partnership all of the partners are jointly and severally liable for any losses. In this type of arrangement each partner can be forced to pay for all of any debts. They would then have the option of going after the other partners for their pro-rata share of the debt. In a limited partnership the only entity liable for the debts is the "general partner". The general partner can be either a person or another partnership or corporation. In a corporation the corporation is the only entity liable for debts. The owners are not liable. The corporation is a fictional "person" in the eyes of the law.
What is the concept of Standard Of care that relates to health care professions?
It depends. Often health-care professionals, because of their expertise, the interpersonal risks they take, and the ethical duties imposed upon them by their profession, become liable for negligence only at a higher standard; that is they may only be liable for gross negligence or at least less liable for ordinary negligence.
What describes an importance between general partnerships and limited partnerships?
Their liabilities. A limited partner is only liable on the extent of his contributed capital. While a general partner can be liable on the extent of his personal assets. A general partnership has unlimited liability for all partners while a limited partnership has limited liability. Every partner in a general partnership is fully responsible for the business's debts. -Apex
Can a company be held liable for an accident if they didn't keep up with their lot.?
Yes, they could be held liable, but only if the negligence is contributable to a loss
How can Departmental Accountable Officials be held liable?
They bear no presumption of negligence and are only liable for the dollar value of the erroneous payment that is attributable to their actions.
Should a partner be held liable for the criminal activities of a partner?
an individual can not be held liable for crimes committed by their partner, as long as there was no agreement to commit the crime, or participation in the crime on the individuals behalf
Can one partners credit affect the other partners credit in a California Domestic Partnership?
A California domestic partnership is the equivalent of marriage in every way, except that it is not called a marriage. Yes. One domestic partner is legally liable for debts incurred by the other, even if the account bears only the other partner's name. Because you are potentially liable to pay any delinquent debt, a judgment could be issued against you and that would show up on your credit report.
