ACC 455 Week 4 Learning Team Discussion Question

May 8th, 2015
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ACC 455 Week 4 Learning Team Discussion Question

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Week 4 team Discussion Question A partnership can either take the form of a general partnership or a limited partnership. There are significant differences between the two which affect the partnerships legal rights and obligations as well as the tax consequences of operations to the partners. In a general partnership, each partner has the right to participate in the management and in the decisions. With this right comes a heavy responsibility. There is no limit to liability to each partner for the partnerships debts; it can go far beyond what the partners have invested. These debts can be held against the individual partners personal assets. A limited partnership must have at least one general partner, and one limited partner. The limited partner can only lose the amount that he or she has initially invested, even if the entity goes bankrupt. The general partner has all of th

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