17. A, B and C form a limited partnershi ip. A and B want to add D to the partne
ID: 377995 • Letter: 1
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17. A, B and C form a limited partnershi ip. A and B want to add D to the partnership as a new general partner. Can this be done? Explain. Decision: Rule of Law: 18. Bob, Carol, Ted and Alice agree to form a limited partnership. They are prepared to execute and sign a certificate but are unsure what is required by the Unifon Limited Partnership Act. Explain to them what the certificate of limited partnership contains. Decision: Rule of Law For 1993, XYZLimited Partnership has a $50,000 loss, Carol is a limited partner of the fim. Must Care pa y for a share of this loss from her personal assets? Explain. Decision: Rule of Law 20. A and B form a limited partnership. A is the general partner. B is the limited partner. The name of their company is A snd B Parinership. C agrees to make a loan to the partnership. If the partnership defaults on this loan, whom can C sue? Explairn, Decision: Rule of LawExplanation / Answer
17. Decision :No.
Rule of Law:The new member can be added to a LLC with consent of all members. A and B alone can't add a new partner D without consent f C.
18. The certificate of partnership contains
(a) Name of limited partnership
(b) County within the state the office of partnership is located.
(c) The address to which the secretary of state will forward the copies of process accepted on behalf on limited partnership.
(d) Name and Address ( residence or business) of each business partner
(e) The latest date on which the partnership is to dissolve.
(f) Signatures of general partnes with name
19. Decision: No
Rule of Law: In LLC, the partners are not personally liable for the losses incurred by the company.
20. Decision: C can sue A, the general partner.
Rule of law: The general partner has unlimited liability for the loss incurred by the company. C can recover damages from the general partner, out of his personal assets also, while B's liability is limited to his investment.
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