Division of responsibilities in partnerships

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Reference no: EM133211527

Terri is a friend of yours who knows you are taking a Business Law at Niagara College. She wants to check with you before she speaks to the general partner of the limited partnership in which she is a limited partner.

Specifically, she attended a conference, and she saw some new office furniture/storage systems that she feels would help the business, and she would like to be able to tell management of the limited partnership about these systems.

Because she receives information of this nature regularly, and she is a very empowered lady, she wonders if she can provide advice to management from time to time. She does not like to hear the word "no."

Advise her , on this matter while considering the following:

The nature of legal relationships in a limited partnership

The legal significance/risks re: the division of responsibilities in partnerships.

The legal significance of providing advice/participating in management decisions in partnerships.

From a business perspective, what is the best course of action overall for Terri?

Reference no: EM133211527

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