MGTA05H3 Lecture Notes - Lecture 8: Legal Personality, Limited Partnership, General Partnership

• School: UTSC
• Department: Management
• Course: MGTA05H3
• Professor: Chris Bovaird

Document Summary

Limited partnership, corporation, cooperative; more complex forms. Managers with expertise the owners cant supply. Unlike sole proprietor and general partnership, these do require some paperwork! Sample final question: what are the weaknesses of --- as opposed to --- General partners: make decisions, provide the labour, bear the personal liability. Limited partners: gives capital to general partners and say here is the money, you run the business, and you make the decisions; supply the capital, no part in managing the business, limited liability. They are not running the business, they are just financing. App(cid:396)op(cid:396)iate (cid:449)he(cid:374) e(cid:374)t(cid:396)ep(cid:396)e(cid:374)eu(cid:396)s ha(cid:448)e ideas a(cid:374)d e(cid:454)pe(cid:396)tise (cid:271)ut (cid:374)ot e(cid:374)ough (cid:373)o(cid:374)e(cid:455)/(cid:272)apital that"s (cid:449)h(cid:455) the(cid:455) (cid:374)eed li(cid:373)ited pa(cid:396)t(cid:374)e(cid:396)s. General partners: retain decision making, retain day to day control, provide the labour, bear personal liability, but not enough money. Limited partners: helps project to occur, share in profits (cid:862)li(cid:373)ited pa(cid:396)t(cid:374)e(cid:396)ships a(cid:272)t(cid:863): general partners must comply with this; .