Reference no: EM133855256

Question

Provide a response for:In Mississippi, general partnerships and limited liability partnerships are both governed by the Uniform Partnership Act (1997) in Mississippi Code Title 79, Chapter 13. A general partnership is formed when two or more people agree to run a business together. There is no need to file with the state, but partners can choose to file a Statement of Partnership Authority for legal purposes. In a general partnership, all partners share equal management responsibilities unless otherwise agreed upon, and they are personally liable for the business's debts and obligations. Dissolution of a general partnership occurs when events such as partnership withdrawal or a unanimous decision among partners. A limited liability partnership provides partners with liability protection. To create a limited liability partnership, a general partnership must file a Statement of Qualification with the Mississippi Secretary of State and pay a fee. Unlike general partnerships, limited liability partnerships are not personally liable for the partnership's debts or for the wrongful acts of other partners, providing significant protection for individual members. The management structure of a limited liability partnership is determined by the partnership's agreement, which outlines decision-making responsibilities among partners. Additionally, limited liability partnerships must file an annual report to maintain their legal status.