Limited Liability Partnerships


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  • Created by: mellon
  • Created on: 29-04-14 19:40
What is the difference between general partners and limited partners?
General partners have unlimited liability
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What happens if a limited partner takes part in management?
Loses limited liability
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In what ways is the llp like a company?
can grant fc, incorporation document, registered
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Who is an agent of the company?
Every member
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What can happen at insolvency?
Present or past members within the past 2 years can be liable if he withdrew any property from LLP knew or ought to know that the LLP was unable to pay its debts
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Other cards in this set

Card 2

Front

What happens if a limited partner takes part in management?

Back

Loses limited liability

Card 3

Front

In what ways is the llp like a company?

Back

Preview of the front of card 3

Card 4

Front

Who is an agent of the company?

Back

Preview of the front of card 4

Card 5

Front

What can happen at insolvency?

Back

Preview of the front of card 5

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