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







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