Variations on Partnerships
In This Chapter
• The variation of limited partnerships
• Limited liability partnerships (LLPs) and how they differ
• Characteristics of the limited liability companies (LLCs)
• Comparing the different partnerships
While partnerships (see Chapter 9) are the oldest form of business, there are many drawbacks from liability to raising capital to duration. Several variations on partnerships have developed as a way to address those concerns. Those variations are limited partnerships, limited liability partnerships, and limited liability companies.
Limited partnerships were created in an effort to address some of the liability issues of general partnerships. Since 1916 the Uniform Limited Partnership ...