In limited partnership how are management decisions

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Reference no: EM132122802

This is Business Law.

Please answer the LLC & Limited Partnership Situation Exercise questions in bullet-style (not essay style). Please include the question you are answering and your answers must be in complete sentences. While there is no page length requirement, each question must be answered fully.

1. In a limited partnership how are management decisions made?

2. In a limited partnership what can partners contribute other than money as their capital contribution?

3. Do all partners in a limited partnership have to work in the business to get a share of the profits and losses?

4. Do all members in a limited liability company have to work in the business to get a share of the profits and losses?

5. Who is responsible for paying the taxes for profits in a limited liability company? In a limited partnership?

6. Do you need to register with a state or states if you are a limited partnership? If you are in a limited liability company?

7. What happens to a limited partnership if the only general partner dies?

8. What happens in a limited liability company if one of the members dies?

9. What happens if one of the partners wants to leave the limited partnership or LLC business – can they, and do they need the permission/agreement of the remaining partners?

Reference no: EM132122802

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