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Essay / Research Paper Abstract
This 3 page paper explains the differences between a general partnership agreement and a limited partnership agreement. The essay also comments on articles of agreement, offering a sample of some provisions that might be included in the agreement. Bibliography lists 6 sources.
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3 pages (~225 words per page)
File: MM12_PGprnagr.rtf
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Unformatted sample text from the term paper:
to file documents with their state agencies (Hinson, 2005). A general partnership is one where all partners have the autonomy and legal authority to control or manage the business
(Hinson, 2005). For example, if five people were involved in a partnership, any of the five has the authority to make decisions for the business and any can make
decisions that are legally binding. In a general partnership, there is no specified limit on the personal responsibility for any debts (Hinson, 2005). What this means is that each partner
is equally liable and their personal assets may be taken to pay the debts of the business should they file bankruptcy or become involved in any sort of litigation. Each
partner is equally liable for all debts of the business. if a creditor, for example, could not obtain full recompense from the five partners jointly, the creditor could go back
to one of the partners who had more personal assets to collect the debt. This is true even is that one partner had already paid her fair share. A limited
partnership agreement is different. First of all, the partnership agreement must be filed with the appropriate state agency (Hinson, 2005). Specific information about each partner must be included in this
agreement that is filed (Hinson m, 2005). A limited partnership must have at least one person identified as the general partner (Hinson, 2005). The general partner(s) has the authority to
operate, manage and generally run the business (AllLaw.com, 2005). They control the day-to-day, minute-by-minute decisions and actions of the business (Hinson, 2005). Any agreement they make with other businesses, etc.
are legally binding (Hinson, 2005). The formal agreement specifies the parameters of the general partners responsibilities and it will also identify which partner has which responsibilities (Hinson, 2005). In
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