Limited partnerships, Business Law and Ethics

Limited Partnerships

Through virtue of the Limited Partnerships Act, such the liability of certain partners that may be limited to a certain extent. Further the chief provisions of the Act are as:

(a)The number of partners in a limited partnership is such restricted to twenty. And one is

(b) In a limited type of partnership there be obliged to be one, or much general partners such who are liable for all the debts that so other liabilities of the firm. And one is

(c)Conversely in addition to the general partner or partners such there will be one or much limited partners. Perhaps limited partners are persons that who, at the property taken such at a certain value, and such as capital so the all are not liable to the debts and other liabilities about the firm beyond such amount of this contribution. So however this form of "limited liability" has such different meaning from such like prevails in registered companies also.

(d) Conversely concerning the Capital of the partnership like such a limited partner cannot, when during the lifetime about the firm withdraw or may receive back from the firm his like contribution or any part of it there.

(e) The death or bankruptcy of a limited partner such does not cause the dissolution of that limited partnership.

(f) Likewise, the lunacy of a limited partner is like not a cause of dissolving a limited partnership perhaps unless the share of which partner cannot be separated from the assets of that firm through any other method.

(g) A limited partner has no right to participate in such firm's management. Whether he does, he will be deemed for be a "general partner" about the consequent "unlimited liability" - then in respect of transactions that he engaged in there.

The Partnership Act and the universal rules of partnership law be relevant for limited partnership so then except whether these do not agree with such the Limited Partnership Act, whenever case of rules laid down in specific latter Act over-ride those that laid down in the former there.

Posted Date: 1/30/2013 7:57:50 AM | Location : United States

Related Discussions:- Limited partnerships, Assignment Help, Ask Question on Limited partnerships, Get Answer, Expert's Help, Limited partnerships Discussions

Write discussion on Limited partnerships
Your posts are moderated
Related Questions
Liability of Maker of a Promissory Conversely S.89 provides such with the maker of a promissory notice through making it: like (a) Engages such he will pay it according to

Empowers directors - company management: In the case of companies which have adopted Table A, Article 107 empowers directors to appoint a managing director "for such period an

Unauthorized Contracts: It may sometimes happen that a company's agent, while entering into a contract on behalf of the company, exceeds his powers under the articles of assoc

Contracts of Guarantee There the Law of Contract Act, 1961, S.3 (1) provides as follow: Actually "No suit shall be brought whereby to charge the defendant upon any type of

Holder or Other Holder in Due Course The holder of a bill of exchange who that does not come within the statutory definition of such a holder in due course holds that the bill

Q. What is phoenix-like activities? Phoenix activity and phoenix-like activities Many activities are referred to as "phoenixing" which do display phoenix-like characteristic

Dishonour by Non-Acceptance The drawee is not prepared to meet the bill, such he will return it for the holder by means of a note to this effect, such the bill is then so said

Question 1: What are the procedures that an employer should follow before he will dismiss a worker for misconduct? Question 2: Section 39 of the Labour Act provides fo

Function and Powers of Chairman: In the case of National Dwellings Society v Sykes Chitty, J. stated: "It is the duty of the chairman, and his function, to preserve order,

Question : (a) Who is a ‘whistle blower'? Explain the main disadvantage a ‘whistle blower' may face. (b) Name two engineering disasters (c) What do yo