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1. Describe and explain the difference between a general partnership and a limited partnership (LP). Also, explain what types of professional companies are organized as LLPs and why?
2. The two options for being admitted into a partnership are by making an investment in the partnership or purchasing an interest from an existing partner. Describe the difference between the two and explain which option you believe is better.
Plz write as much as you can!
1. General partnership is a relationship wherein partner involves or actively participate in day to day management of the business. Every partner have authority to make decision which are also legaly binding on the company and other partners in the contract. They share mostly equal rights and responsibilities and are bind by the term of agreement agreed upon by all.
A limited partnership on the other hand is a relationship where involvement of partners in decision making is limited, one or more partnes are not involved in the day to day management of the business and are known as silent partners.
A common purpose of a limited partnership is for a real estate business. The benefit being a limited is so your liability is limited while the demerit is that a limited partner shall not have decision making power.
2. When a new partner admiyyed by way of bringing in cash or any asset then the new asset or cash he brings in are debited at the value agreed by the partners for the purpose and the partner capital account is credited for the total value of those assets.
When the new partner purchases interest from existing partner then this transaction is feeded by crediting the capital account and debiting existing partner account. The transaction is reported in the books for the partnership at the book value of the shares transferred and it has nothing to do with the price which the new partner has paid to the existing partner.
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