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muskhere
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Joined: 23 Oct 2009
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Posted: 18 Nov 2009 at 15:02 \| IP Logged

doubt whether limited partner is an agent or not in limited partnership?

in issuance of share in corporation, can the payment be made in terms of services to be performed in future or they should be already performed?

also what is main difference between LLC and LLP?

venchlu
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Joined: 18 Aug 2009
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Posted: 18 Nov 2009 at 15:31 \| IP Logged

doubt whether limited partner is an agent or not in limited partnership?

My answer is NO...limited partner is not an agent so doesn't not owe any fiduciary duty to the limited partnership or to the general partners.

venchlu
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Posted: 18 Nov 2009 at 15:53 \| IP Logged

The Difference between LLPs and LLCs

(1) An LLP must have at least two or more partners while an LLC can be composed of one member.

(2) In some states, the LLP is only an option for people with professional licenses, for example accountants or attorneys.

(3) An LLC can choose to be taxed as Corporation if it is more advantageous to you. However, LLP, you can only choose to be taxed like a partnership.

Correct me if I am not right.

VAAL412
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Joined: 26 Sep 2009
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Posted: 18 Nov 2009 at 16:37 \| IP Logged

venchlu wrote:

doubt whether limited partner is an agent or not in limited partnership?

My answer is NO...limited partner is not an agent so doesn't not owe any fiduciary duty to the limited partnership or to the general partners.

Wiley Q#24 Module 38

M is a Limited partner and S & H are general partners.Which of the following may M do without losing limited liability protection

I M acts as an agent of the LP

II M votes to remove S as a GP

Answer is Both I &II

where did you read LP cannot act as an agent.Or is Wiley wrong

venchlu
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Joined: 18 Aug 2009
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Posted: 18 Nov 2009 at 16:50 \| IP Logged

http://74.125.93.132/search?q=cache:BcYU7k_wj4kJ:www.cpanet. com/cpa_forum/get_topic.asp%3FFID%3D27%26TID%3D28128%26DIR%3 DN+IS+limited+partner+an+agent+in+limited+partnership%3F& ;cd=8&hl=en&ct=clnk&gl=us

previously there is a link talking about it..I just found out now.

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