Essays on General Partner

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(2). The best business from for this circumstance would be a limited partnership. In a limited partnership is a partnership with at least one limited partner. In this case the limited partners would be my nine friends that contributed the U.S. $6 million for the purchase of the team. I would be the general partner. As general partner I would be liable for the obligations of the team but also, as agreed upon, I would also be the sole general manager of the business with the authority to make all business and baseball decisions. The limited partners would have ...

Sole proprietorship is the most common form of business where one person performs all the functions required to form a successful business. The business owner carries the responsibility for all the liabilities and said to be self-employed. When two or more people decide and start a business together, they form a business partnership. This partnership may be general partnership or limited partnership. In the general partnership, the partners carry equal aspects of the business including the liabilities of the partnership. Unlike sole proprietorship, partnership may have an unlimited number of partners responsible in the ownership of the company. Sole proprietors have ...

At law there is little difference between a proprietor and the proprietorship, especially in terms of liability (Spadaccini, 2007). Accordingly, there is very little the proprietor can do to limit the liability exposure, within the business. The best option available is to convert the proprietorship to a limited liability company (LLC), and reduce the exposure to the extent of investment (Seaquist, 2012). Similarly, the general partner is exposed to personal liability. One option available to reduce such exposure is to become a limited partner. Another option but less effective is to specify the instances in which the general partner will be liable ...