ACTG 1P71 Lecture Notes - Lecture 12: Limited Liability, Fiduciary, Limited Liability Partnership

• School: Brock University
• Department: Accounting
• Course: ACTG 1P71
• Professor: Brad Troup

Document Summary

Ab)----a and b have the limited liability partnerships. --partnerships subsists where two or more persons carrying on business in common with a view to profit. --subsist kind of like exist, exist in substance, to continue to exist. --must be actively engage in the business together, take the same risk and responsibility. --intention to share profit, expenses, losses partnership agreement. -who is b(cid:396)i(cid:374)g (cid:373)o(cid:374)ey, who is b(cid:396)i(cid:374)g tale(cid:374)t, who is b(cid:396)i(cid:374)g e(cid:395)uip(cid:373)e(cid:374)t . -how do we terminate (is like marriage) the partnership relationship. -if no agreement, the court assume everybody contribute equally. -if no agreement, no salary, not be treat like employee, if want to get salary need an agreement to say that. How created: by agreement (if we are smart, inadvertently (if we are stupid) ---joint and several liabilities partnerships and agents principle is the partnership-----agent is the partner-----the third party a partnership restaurant, has an agreement, actual authority up to 2000 liability a week ---a.