articles of organization
The document filed with a designated state official by which a limited liability company is formed.
certificate of limited partnership
The basic document filed with a designated state official by which a limited partnership is formed. All partners must sign this. It requires information such as the name, mailing address, and capital contribution of each general and limited partner
In a limited partnership, a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
limited liability company
A hybrid form of business enterprise that offers the limited liability of the corporation but the tax advantages of a partnership.
limited liability limited partnership
A type of limited partnership. The difference between a limited partnership and an LLLP is that the liability of the general partner in an LLLP is the same as the liability of the limited partner. That is, the liability of all partners is limited to the amount of their investments in the firm.
limited liability partnership
A form of partnership that allows professionals to enjoy the tax benefits of a partnership while limiting their personal liability for the malpractice of other partners.
In a limited partnership, a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. They assume no liability for partnership debts beyond the capital contributed.
A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable only to the extent of their contributions). Sometimes referred to as special partnerships
The term used to designate a person who has an ownership interest in a limited liability company. They have limited liability
In a limited liability company, an agreement in which the members set forth the details of how the business will be managed and operated.
a south American form of business organization that operates more or less as a partnership but provides limited liability for the owners.
a Japanese limited liability type of business organization that is similar to an LLC
persons who are forming a corporation may enter in to contracts during the process of incorporation but before the corporation becomes a legal entity
pierce the corporate veil
in certain circumstances when a court holds a shareholder personally liable for a corporate obligation
all of the members participate in management, and decisions are made by majority vote
the members designate a group of persons to manage the firm
revised uniform limited partnership act
the dominant law governing limited partnerships in the United States