ACCT414 Lecture Notes - Lecture 14: Ordinary Income, Legal Personality, General Partnership
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13 Nov 2020
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October 20 notes partnership formation and operation (chapter 9) No need to register with the state, can just casually form a partnership. General partnership (gp: avoid, can make binding decisions for entity, unlimited liability for partnership debts amongst all partners, can lose personal assets. Limited partnership (lp: must have at least on general partner and one limited partner, limited partner can potentially lose only up to their investment plus any committed amounts. Limited liability limited partnerships (lllp: don"t really exist. Limited liability companies (llc: treated as a partnership for tax, limited liability like a corporation only the company is liable, but individuals are not, tax treatment based on check-the-box can check the corporation box. Limited liability partnerships (llp: treated similarly to llcs, all of the big four are llps because in some states, auditing firms are not allowed to be. Individuals are personally liable for their own indiscretions.
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