BUSA 2106 Lecture Notes - Lecture 4: Registered Agent, Fiduciary, Limited Liability
1 Jun 2016
School
Department
Course
Professor
Document Summary
Income, partnership delivers to each partner a form k-1 (his % of the income) while the individual partner files his own income tax return (1040) and pays tax on his % of the income as shown on the k1. A partner has a fiduciary duty to partner. (look it up on the book) Partners rights to accounting of the partnership finances upon request. Role of an investor: they can lose what"s in it but aren"t responsible for anything more. Uniform limited partnership act: if you want to form a limited partnership you have to file that certificate ^ with the county in which you"re doing business. That"s the evidence that you have a limited partnership rather than a general. Created by filing articles of incorporation with secretary of state. Registered agent and office (has to be a physical address, not a p. o box) You do not have to identify the owners/shareholders.
