Nobody downloaded yet

Limited partnership in USA and Uk - Essay Example

Comments (0) Cite this document
Summary
They are established by two or more people with a similar business idea and/or objectives. At least one person has to be a general partner; has personal liability and management authority. In addition to the…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.4% of users find it useful
Limited partnership in USA and Uk
Read TextPreview

Extract of sample "Limited partnership in USA and Uk"

Download file to see previous pages In both countries, the formation of a limited partnership is between two or more persons with the same business objective. The general idea behind a limited partnership is that; there is at least one partner who will bear the full burden of the partnership’s debt, while at least one partner will be dormant. The dormant partner will only bear a portion of the partnership’s debt; that is, up to his/her contribution to the partnership’s capital. Limited partners shall not have any managerial authority. The UK law on limited partnership sets out some clear restrictions on the passive partners. These partners shall not (Osborne, 2002):
If the limited partners fail to adhere to the above restrictions, they shall bear all the debts of the business up to the amount drawn out, while participating in the management of the company. The UK company law makes it clear that one cannot be both a general partner and a limited partner at the same time. Any individual or a legal body can become a partner in a limited partnership, either as a general partner or as a limited partner.
Both countries require that a limited partnership be registered to ensure that it is not for fraudulent activities. In the UK, all partners in a limited partnership are equally liable for any debts incurred until registration (Osborne, 2002). In Saudi Arabia, joint partnerships will only be considered as legal after registration. Every joint partnership formed and registered under the country’s company law shall be regarded as a Jordanian corporate institution.
According to the article (42) of company law; a partnership address should only consist of the general partners’ names. If a limited partner’s name is mentioned in the address, he/she ceases to be a passive partner. He/she becomes a general partner with the full responsibility of the business’ liabilities. The appropriate name should ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Limited partnership in USA and Uk Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Limited partnership in USA and Uk Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/law/1645915-limited-partnership-in-usa-and-uk
(Limited Partnership in USA and Uk Essay Example | Topics and Well Written Essays - 1000 Words)
Limited Partnership in USA and Uk Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/law/1645915-limited-partnership-in-usa-and-uk.
“Limited Partnership in USA and Uk Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/law/1645915-limited-partnership-in-usa-and-uk.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Limited partnership in USA and Uk

Partnership and limited liability partnership in the United States

...Partnership and Limited Liability Partnership (LLP) in the United s of America Introduction Among the various business entities allowed by the government, partnerships have been one of the most interesting engagements that two business principles have ever entered into. This is because it requires a delicate balance of ideas and arrangement such that both partners agree to co-operate with each other and advance their mutual interest (Wood 21). A common ground is often established within which the two parties work together while at the same time achieving their own goals. Humans have since time immemorial been considered social beings making partnership...
18 Pages(4500 words)Essay

Limited Liability and Partnership Corporation

...?Introduction:- Limited liability Company is a popular form of a company as one can limit the liability of sole proprietors or partners by establishing the company as limited liability company. This form of business is taken up as companies grow and expand, or in cases where individuals seek to magnify the scope of their businesses and seek to consolidate their comparative business standing. It must be noted, however, that limited liability companies may not necessarily work for profiteering (Jitman, 2009). This is a hybrid form of business that has characteristics of both sole proprietorship and partnership. Some of the reasons why the business has...
3 Pages(750 words)Essay

Limited Liability Partnership

... Limited Liability Partnership As a young entrepreneur, I intend to start a technology business, which deals with creating a social network intended for the people. The aim of my business will be to give the public a social networking establishment that will allow people to communicate all over the world. This business entity will be registered in the US under the state laws of the country. As an entrepreneur, I have identified two other investors who have a similar objective of establishing a social communication company in the US that will link up people through a website. In order for people to communicate, they will have to register and give their personal details that will differentiate them from other persons. Under... this...
3 Pages(750 words)Essay

Limited Liability Partnership

...Business Law What is a Limited Liability Partnership (LLP)' Limited liability partnerships were created by the Limited Liability Partnerships Act 2000, and are known as "LLPs". Two or more individuals, corporations, partnerships, trusts, or other entities can join together to engage in business as an LLP. The Limited Liability Partnerships Act 2000 is an Act of Parliament which introduced the concept of the limited liability partnership into English and Scottish law (wikipedia.com). In the Limited Liability Partnership...
4 Pages(1000 words)Essay

Policing Partnership in UK

...under the force of the said legal acts in UK. 6. Issues and Conflicts of Policing Partnerships: How the Police Officers Apply and Limit Authority Partnership between two different people is not that easy to control. What more is there to deal with when groups of people are involved within a particular partnership? Of course, the issues would be bigger, the conflicts would be harder to compel with, but surely there are ways to handle such issues through effective governance and team building. Following herein are some of the basic ways by which policing partners could take into consideration when they are undergoing issues and particular problems as...
22 Pages(5500 words)Essay

Limited Liability Partnership

...Question What are the implications for a business establishing as a Limited Liability partnership and what 'flexibility' does it provide compared with limited companies Answer Limited liability partnership is a concept relating to the liability of the partners as it implies from its name. As we all know that in the partnership form of conducting business, every partner is responsible by law for the actions and deeds of other partners in the business. Now the question arises that what does responsible by law means for the partner's deeds. It means that when a business is being conducted by a group of persons in the form of partnership then they have to pay for all the liabilities, debts and loans which were taken by their partner... and that...
9 Pages(2250 words)Essay

The Characteristics of Limited Liability Partnerships

...and also vary Partnership agreement simple paperwork Ownership: Members are owners Members Partners. Limited Liability: ' Yes No Unlimited Liability Continuity of life: Indefinite term With LLPs, there is no definite term; death of partners will not cause dissolution. Death of partner or disagreement between partners can lead to Dissolution Regulation of entity name: Differs with each state but mostly LLC or L.L.C. is added. Must include the words "limited liability partnership" or abbreviation thereof Must include the word firm Stands for: Limited Liability Company Limited...
11 Pages(2750 words)Term Paper

Limited Liability Corporation and Limited Liability Partnership Paper

...Running Head: LLC & LLP Limited Liability Corporation and Limited Liability Partnership Paper There are a few key differences between LLC and LLP formations. Foremost among them, LLP is generally more suitable for specialized professional firms such as law firms, accountancy firms, architects, etc. LLC, on the other hand is apt for larger business whose core focus is manufacturing. LLC is an ideal choice for those business owners who would like to take advantage of tax benefits offered thereof, while also able to install an organizational structure resembling a private or public corporation. Limited Liability Corporation and Limited Liability Partnership Paper: One of the key advantages of limited liability partnerships (LLPs... classes...
4 Pages(1000 words)Essay

Limited Liabilty Partnership

...Limited Liability Partnership Introduction This paper is an attempt to understand limited liability partnerships businesses in compare and contrast with other forms of businesses. Therefore, it becomes vital to discuss the different other types of businesses and their characteristics. This is why this section of the paper focuses on briefly discussing the other types of businesses which would build a basis for the next section of the paper were the core discussion regarding Limited Liability Partnerships would take place. This paper would start by discussing the simplest form of business, which is sole proprietorship or sole trader firm....
8 Pages(2000 words)Essay

Limited partnership

...s Limited Partnership A limited partnership is a form of partnership created by statute that comprises of bothgeneral and limited partners. This is unlike the general partnership that has only general partners. The liability of the limited partners is limited to the amount that they contribute to the formation of the business. They are more of investors that partners in the business. They are also not involved in the management of the business. The general partner on the other has an active role to play in the running and management of the business. These partners have a right to use...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Limited partnership in USA and Uk for FREE!

Contact Us