Types of Partnerships
There is a different kind of the partnerships that are involved in partnerships all around the world.
General Partnerships: A general partnership is a type of partnership in which all members share in the earnings, managerial obligations, and debts of the company. The general partnership is defined as a situation in which all partners have equal responsibilities.
Limited partnership (LP): It is a type of partnership in which an investment partnership is a real estate asset.
Limited Liability Partnership (LLP): A LLP is a type of payment arrangement in which all partners have a limited liability agreement. All partners can participate in management and contribute to the organization.
Limited Partnerships in the United States: Regulation of the Same
The general partner, who also carries the unlimited liability of the debts and obligations, is in charge of the limited partnership in limited partnerships. Silent partners are a term used to describe limited partners. In other words, it is stated that partners in the partnership do not have voting rights or control over day-to-day operations.
In the jurisdiction of the USA, the concept of the limited partnerships (LP) is regulated by The Uniform Limited Partnership Act, 2001 (ULPA). In modern business undertakings, it became necessary in the jurisdiction of the USA. It became necessary to update the law. In 2011 and 2013, amendments to the ULPA were done to harmonize the laws with the Business Entity Act Projects. The ULCA, 2001, sets the guidelines for regulating limited partnerships, the rights and the liabilities of the general partners, and the limited partners.
Additionally, it also provided the rules for registering the partnership in the state of origin. ULPA reflects modern business practices and increases the scope of the limited partnerships. The same Act, it can be stated that Uniform Limited Partnership Act, 2001 is a stand-alone act that is not related to any other law.
Rights and Liabilities of the Limited Partnerships (LP)
The limited partnerships are born out of the way through the partnership agreement. This agreement can be stated to be born out of the agreement between the parties and state the parties’ rights and liabilities. Under the same contract, it can be stated that rules and responsibilities of the limited partner, withdrawals, profit, and loss are also mentioned. In the partnership agreements, the generic, specific rights and obligations of the parties who are acting as the limited partners and also for the parties who are acting as the general partners are included as well. In case the partnership agreement does not have the rights and the obligations mentioned in detail under the partnership agreement, the general rights of the parties that can be stated are:
Voting rights within the safe harbor provisions.
Inspection of the details of the incorporation of the company, books, and records.
The right to bring a derivative action.
Right of withdrawal from the agreement of the partnership
Application for the dissolution of the partnership.
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