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Cards In This Set
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To whom are losses and gains passed through in a limited partnership?
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The partners
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What type of partner is typically an investor?
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Limited partner
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What is the duty of a general partner in a limited partnership?
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Promote the business and manage the day-to-day operations
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What type of entity is a limited partnership?
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Non-taxable
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Which partner can transfer ownership without dissolving the partnership?
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The limited partner
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Which partner is personally reliable for the business if it fails?
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General partner
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How can a limited partnership shelter income from taxation?
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It is a non-taxable entity
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What is the purpose of a limited liability partnership?
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To allow those who want to operate a partnership the benefit of a limited liability.
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Who must partners in a limited liability partnership register with?
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The state
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What term must partners in a limited liability partnership include in the name of the partnership?
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Limited
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What does a limited liability partnership remove?
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A partner's personal liability for another partner's mistakes or wrongdoings
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