What is meant by the term partnership by estoppels ? What are the management rig

Question

What is meant by the term partnership by estoppels?

What are the management rights of a partner in a partnership?

What are the different forms of business associations and how is each formed?

How do the different forms of business associations differ from one another?

What is a limited liability partnership and in what ways, specifically, does it differ from a general partnership?

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Explanation / Answer

1Q- What is meant by the term partnership by estoppels?

Ans: As per the US Law, the partnership by estoppels is the partnership which is legally bound, but no formal partnership agreement is made between the parties. It is also known as the presumption of partnership where a party says words which represent they are the partner and based on this relationship, they become liable to loans by which organizations get credited.

2Q- What are the management rights of a partner in a partnership?

Ans: As per title 48, the management rights of a partner in a partnership are to enable the partners to consolidate funds, to provide equal rights to conduct the operations and activities. The partner can use the partnership property and use it. The partner is not eligible for all remuneration of services that is in partnership mode. Partners are allowed to receive the confidential information regarding each investment in the company. The partnership also provides right to vote to the partners.

3Q- What are the different forms of business associations and how is each formed?

Answer: There are 5 forms of business associations. They are Sole Proprietorship, Partnerships, Corporations, Limited liability company, and Cooperatives. A sole proprietorship is owned by only one person which is easy to set-up. A partnership is owned by two or more persons who contribute to run the business. A corporation is formed as a separate legal personality from its owners by sharing stocks. Limited liability companies are the hybrid forms of both corporation and partnership. A cooperative is an organization which is owned by a group of individuals operating for mutual benefit.

4Q- How do the different forms of business associations differ from one another?

Answer: The different forms of business associations differ in ownership, rules, and regulations of operation, goals, identity, motives and vision.

5Q- What is a limited liability partnership and in what ways, specifically, does it differ from a general partnership?

Answer: Limited liability partnership is a partnership in which few partners will have limited liabilities and no partners will be responsible for the other partner’s actions like negligence or misconduct. General partners have unlimited liability of the organizations, but limited liability partners have limited liability i.e. creditors have no claims on personal assets of the limited liability partners.

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