1) Intro

Question 1

partnership: def

Answer 1

association of ppl who co-own an ongoing business, for profit

Question 2

partership: entity

Answer 2

is distinct legal entity, separate from the partners

Question 3

partnership: duration

Answer 3

can be “at will” OR

definite term/undertaking

Question 4

partners: kinds

Answer 4

1) general

2 limited

Question 5

general partner: def

Answer 5

agents of the partnership who co-manage the business, share profits/losses AND are usu exposed to personal liability for partnership debts/obligations

Question 6

limited partner: Def

Answer 6

(can only be in limited partnership)

passive investor. NOT an agent NOT a manager NOT personal liability

Question 7

general partnership: def

Answer 7

2+ general partners

Question 8

limited partnership: def

Answer 8

at least 1 GP

at least 1 LP

Question 9

limited liability partnerships

Answer 9

only certain types of general partnership can be an LLP

GPs do not have personal liability