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| Topic: |
Business
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| Number of pages / Number of words: |
38 / 10599 |
Essay's paper body
Default rule prohibits admitting new partners w/o unanimous agreement of the partners.
5. Management and Control
a. Each partner has equal management role.
b. Each partner may bind the partnership to debts/liabilities/contracts.
iii. Limited Liability Partnership: Primarily for professional corporations (accountants, lawyers, doctors)...
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Prohibited from incorporating by state law.
iv. Limited Liability Company-An LLC is a hybrid entity between a corporation and partnership. Like a partnership, the members of the LLC provide capital and manage the business according to their agreement. Both members and partners of LLC can participate in all business decisions w/out incurring personal liability...
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