--%>
Assignment Help - homework help

What is Limited partnerships

Limited partnerships: Limited partnerships are an alternative to limited liability companies because of their simplicity.

All the states encompass passed limited partnership legislation.

A limited partnership comprises of at least one general partner:

  • Their capital contribution on entering the partnership will determine the extent of their liability for the debts of the firm;
  • Their role is to manage the limited partnership and their role is the same as a partner under partnership law.

Limited partners are not liable for debts beyond their capital contribution.

  • Registration is required in all states.

   Related Questions in Managerial Accounting

  • Q : Duties of Partner The duties of each

    The duties of each partner: The partners are beneath a fiduciary duty towards one another to: Render true accounts; Account for private gains; and Refrain from competition with the partnership firm.

  • Q : Features of partnership Write some main

    Write some main features of partnership? Answer: Essential elements or major features of Partnership are as follows: A) Two or m

    		•
  • Q : Define Differential Cost Differential

    Differential Cost: The cost difference predicted when one course of action is adopted rather than others.

    		•
  • Q : Main working areas of the coach

    Write a short note on the main working areas of the coach maintenance department?

    		•
  • Q : Describe fluctuating capital of partners

    Describe fluctuating capital of partners? Answer: Partner‘s capital is stated to be fluctuating if capital modifies with every transaction in the capital accou

    		•
  • Q : Planned product cost and the actual cost

    A company has production facilities in several countries. Some of the products they sell are produced in stages (Raw Materials -> Pre-Assembly -> Assembly -> Finished Product) based on the technologies and materials involved (see Table 1).

    Q : Relevance-accounting information What

    What do you mean by the term relevance which is accounting information?

    		•
  • Q : Operation of business

    What are the main reasons that the operation of business environment has become ever more turbulent and competitive?

    		•
  • Q : Management accounting-scope Write down

    Write down the scope of Management accounting?

    		•
  • Q : What is Partnership Partnership :

    Partnership: Whenever two or more persons enter into an agreement to take on business and share its gain and losses, it is a condition of partnership. It can also define as: "Partnership is the relation among persons and who have granted to share the

    		•