Beruflich Dokumente
Kultur Dokumente
IA313
10/4/16
ASSIGNMENT:
For the document that I have read, which is regarding the Distinct Personality
and Distinct Liability, I saw 7 things to read about. First is about Separate and Dis
tinct Personality. It says that the partnership has a juridical personality separate and
y acquire and possess property of all kinds, as well as incur obligations and bring
civil or criminal actions, in conformity with the laws and regulations of its organizat
ion.
he privilege of limited liability, one must conform to the statutory requirement regu
ould be general partne/rs and one or more also should be limited partner/s. Gener
al Partner is the one who is liable for partnership debts to the extent of his separ
ate property after all the assets of the partnership have been exhausted. A general
partner in a general partnership possesses all the rights and liabilities as mentioned
, but in limited partnership, without written consent, act by all the limited partners
ty or assign their rights in the same for other than partnership purposes, etc.
partner at the same time provided that this fact shall be stated in the certificate. H
e shall be entitled to exercise all the rights and be liable to all the obligations of
a general partner, except that with respect to his contribution, he shall have the ri
ghts against the other members which he would have had if he were not also a g
eneral partner. A Limited Partner is liable to the partnership for the balance of his
ship as stated as contribution but was not yet delivered, or property wrongfully pai
d or conveyed to him on account of his contribution. And also, the death of a lim
ited partner will not dissolve the partnership unlike general partner. An Industrial P
artner is the one who contributes his service or industry to the partnership. An ind
ustrial partner cannot engage in business for himself, unless the partnership express
ly permits him to do so. He does not contribute money or property but just indus
try. In times of loss, industrial partner will not share from it.