Beruflich Dokumente
Kultur Dokumente
A GENERAL PARTNERSHIP
is one in which all of the partners
have the ability to actively manage or control the business.
This means that every owner has authority to make decisions about how the business is run as
well as the authority to make legally binding decisions.
Unless the partners have a partnership agreement, each partner will have equal authority.
A LIMITED PARTNERSHIP
has both limited and general partners.
A LIMITED PARTNER
o is one who does not have total responsibility for the debts of the partnership.
o The most a LIMITED PARTNER can lose is his investment in the business.
o The trade off for this LIMITED LIABILITY is a lack of management control:
A limited partner does not have the authority to run the business.
He is really more or less an investor in the business.
A LIMITED PARTNERSHIP
must have at least one general partner.
GENERAL PARTNERS
are also subject to unlimited personal liability for the debts of the business.