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Business Partnerships

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Jonathan Kaukolahti

on 28 October 2014

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Transcript of Business Partnerships

Business Partnerships
By Jonathan Kaukolahti,Ben Hill and Eric Peckham
General partnerships
• Usually comprised of two or more people, not normally a married couple who agree to contribute money, labour or skills. The profits, losses and management of the business is shared between the partners. Each partner is equally liable for the debts of the partnership. From a legal standpoint the terms are normally contained in a written partnership agreement.
• Mohr and Spekman proposed that partnership success hinges upon a good balance of communication, relationship attributes and conflict resolution techniques but there is obviously a whole lot more involved. They are indeed talking about the dynamics of the relationship.

Limited Partnership
• Comprised of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses. Limited partners are not normally involved in day to day operations they share in the profits of the business but there losses are limited to the extent of their investment.
Limited Liability Partnership (LLP)
• Similar to general partnership except that the LLP does not have full responsibility for liability or negligence of another partner.
Limited liability Limited Partnership
• Both the LLP and the LLLP are an American type of business structure an LLLP is in fact a limited partnership that chooses to become an LLLP by including a statement to that effect in its certificate of limited partnership this in effect shields the general partners from liability for obligations of the LLLP.
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