LAW 122 Lecture Notes - Lecture 2: Objective Test, Legal Personality, Fiduciary
3 Jan 2018
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Create a limited liability partnership risk mgt. : other legal tools qualifying the scope of liability: in the ordinary course of the business of the partnership fiduciary duty: Partners must act honestly and with a view to the best interests of the. Types: limited partnership (lp): a form of partnership where the liability of at least one partner is limited to that partner"s investment in the partnership. Lps must be registered: an lp must have at least one general partner whose liability is not limited. Joint venture a collection of partners or corporations that gather together for one project and form a partnership. Corporations-foremost a corporation is a legal person, with a separate legal existence from its directors, shareholders, and officers. 3 key rights: right to receive asset distribution on dissolution:after all the creditors have been paid right to residual value right to vote for the directors right to receive dividends when declared by the board of directors.
