Question: What is the difference in liability between a general partner in a partnership and a member in an LLC?

What is the difference in liability between a general partner in a partnership and a member in an LLC?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

7. A contingency that is remote A) should be disclosed in the financial statements. B) must be accrued as a loss. C) does not need to be disclosed. D) is recorded as a contingent liability 8. A...

Q:

If a limited partner gets involved in directly managing the business: A. she takes on the unlimited liability of a general partner B. the partnership will be dissolved C. she is guilty of a crime D....

Q:

Do the reading assignment and then look up KRS 275.520 and read its text.Then answer the questions below. Fully explain your answers: 1.What is the taxation advantage of a LLC as opposed to a...

Q:

Pages 385, 394 and 399 - Corporations, Partnerships and Sole Proprietorships. Using the following page number define the characteristics: ability to finance them and protect investors' assets. Use...

Q:

Help would be appreciated. Thanks! Question 1 Greg and Samantha plan to establish a business in which they will both materially participate. They are both in the 35% marginal tax bracket. Although...

Q:

23. TRANSACTING BUSINESS, USING THE FACTS BELOW, DISCUSS WHEN, IF AT ALL, TECH CONSULTING INC, a North Carolina domestic corporation, will be deemed to have been transacting business in MI. DISCUSS....

Q:

Need help on Schedule 1 line 19 Gregory and Lulu Clifden's Tax Return Note: This problem is divided into four parts. You will need to complete some of the forms in the other parts in order to...

Q:

Regarding (1) contractual liability claims (i.e. trade accounts payable) and (2) malpractice claims against the entity, select the extent to which personal assets of a general partner, limited...

Q:

Short Answer - Practical Application GLOBAL FACTS: Sam cannot decide whether to operate her management business as a Sole Proprietorship or a LLC. 16. If Sam intends to be the only individual...

Q:

Short Answer - Practical Application GLOBAL FACTS: Sam cannot decide whether to operate her management business as a Sole Proprietorship or a LLC. 16. If Sam intends to be the only individual...

Q:

Two long straight wires with equal cross-sectional radii a are located parallel to each other in air. The distance between their axes equals b. Find the mutual capacitance of the wires per unit...

Q:

You are the newly recruited Finance Officer of FYG Pharmaceutical Ltd, a household pharmaceutical enterprise based in Kumasi. You ascertained that, FYG Pharmaceutical Ltd is considering investing...

Q:

Factorise each of these expressions. Make sure you use the highest common factor. a 10z + 5 b 8a 4 c 14 + 21x d 18 24z

Q:

Case Greenbuilders Pte Lid ("GPL") is a local construction company which specialises in providing bespoke Design and Build construction services for private residential homes that are designed to be...