RSM424H1 Lecture Notes - Lecture 15: Business Process, Limited Liability Partnership
11 Jun 2017
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Document Summary
Actually, the standard partnership often forms part of the business structure of large public and private corporations. Definition: a partnership is the relationship that exists between entities carrying on a business in common with a view to profit. The entity is created when two or more entities jointly conduct an ongoing business enterprise whose scope is defined by mutual agreement. For example, several individuals or corporations own a block of rental apartments. Partnership agreement: a partnership venture consists of the partnership entity, which conducts its affairs as a separate organization, and a particular number of partners. The partners are usually one of the 2 primary entities (individuals or corporations), although other kinds of entities, such as trusts or other partnerships, may also be participating partners: basic business structures involving partnerships. The 3 structures are distinguished by the nature of the participating partners.
