BLAW 2301 Lecture Notes - Lecture 27: General Partnership
Document Summary
Social enterprises organizations pledge to behave in a responsible manner as they pursue profits. General partnerships an unincorporated association of two or more co-owners who carry on a business for profit. Flow-through entities: partnership does not pay income tax, reports it on their individual income tax. Liability each partner is personally liable for the debts of the enterprise whether or not she caused them. Management all partners have an equal right to share in management, becomes difficult. Raising capital contribution from partners or by borrowing. Transfer of ownership partner cannot sell his share of the organization without permission of other partners. o. Partner only has the right to transfer the value of her partnership interest, no the interest itself. Dissociation when partner leaves a partnership. Limited liability partnerships offers the limited liability of a corporation and the tax status of a flow-through organziaiton. Partners are not liable for the debts of the partnership, but liable for their own misdeeds.
