LAW 3220 Lecture Notes - Lecture 4: Limited Liability Company, General Partnership, Limited Partnership
Document Summary
Two or more principals that agree to share profits and losses in an ongoing business venture. Debts and liabilities of the business are also personal debts and liabilities of the general partners. Two or more principals that agree to share. Two or more principals in an profits and losses ongoing in an ongoing business venture. The principals have heightened liability protection from debts and liabilities of the partnership. business venture with potentially favorable tax treatment and limited liability for the principals. One or more principals that invest money in exchange for ownership (stock). The principals generally have no personal liability for debts and liabilities of the business. in which the debts and. One-person entity n o i t p i r c s e. D liabilities of the business are also personal debts and liabilities of the principal. f e i r. Partnership agreement may result in some legal fees.
