Special Types of Partnerships Flashcards
(3 cards)
1
Q
What is a Limited Liability Partnership? (LLP)
A
A partnership where partners are not personal liable for LLP’s obligations.
Requires partnership file statement of qualification to Secretary of State. LLP is formed at the time of filing or date specified on statement.
2
Q
What is a Limited Partnership?
A
A partnership with two or more people where there is one general partner and **one limited partner.
Must file a certificate with the state.
3
Q
What is a limited partner?
A
A limited partner’s liability is only limited to the amount of their capital contribution.
