Joined: 27 Mar 2010
Online Status: Offline Posts: 152
Posted: 17 Jun 2010 at 14:18 | IP Logged
I don't remember the answer, but I know how to find out.
Read up about corporations and the definition of perpetual
life for more clarification.
I think corporations have perpetual life because they
continue to exist regardless of who leaves/dies. In a
partnership, if of the partners die in a plane crash, then
the partnership does not continue. If all the stockholders
and directors of a corporation die in a plane crash, the
corporation continues on (through the heirs of the
stockholders and election of new directors).
Joined: 07 Nov 2009
Online Status: Offline Posts: 29
Posted: 19 Jun 2010 at 23:42 | IP Logged
I thought that a limited partners name could only be associated with the partnership if it was associated before the partner became a limited partner. Is this true?
Joined: 01 Jun 2010
Online Status: Offline Posts: 50
Posted: 20 Jun 2010 at 23:42 | IP Logged
Yes ,what you've said is true CPADESTINED.... but if the limited partner's name was used even after he became a partner, he just loses his limited liability status.Becker doesn't specifically mention that a limited partner's name CANNOT be associated with teh partnership.
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Topic: Limited Partnership
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