Proper Application of a Limited Partnership

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Bboswell
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Joined: Sun Nov 05, 2017 3:06 am
Location: Iowa

Proper Application of a Limited Partnership

Post by Bboswell » Sat Dec 02, 2017 4:15 am

Dear Admin,

I want to be sure that I fully understand the role of a General Partner of a Limited Partnership. The Limited Partnership in question offers home inspection services. Can you give some examples of situations that a GP would want to avoid?

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Admin
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Re: Proper Application of a Limited Partnership

Post by Admin » Thu Dec 28, 2017 12:45 am

:) Hello Bboswell:
Thank you for your post. However, given the fact that the General Partner (GP) in any partnership is the principal actor in that relationship, it is through that GP that all actions of the partnership take place. The limited partners have no capacity to act through the partnership. Therefore, the GP can do anything that can be done by the partnership. In fact, the GP and the partnership are considered to act as if they were one party. Therefore it is important for the GP to limit his actions so as not to encumber the partnership with any undesired relationships. Beyond that, the limits and intents of each partnership as so diverse that it is truly impossible to give a more finite description of what a GP can do and/or should not do. Such descriptions should be learned by the parties in question as they work and learn with organizations like Team Law.
You can learn more about each element of an Asset Protection System
from the following link on our website: 101.
We hope this is helpful. ;)
Way of Kings™ Admin

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