Partnership - Research Article from Encyclopedia of Business and Finance

This encyclopedia article consists of approximately 7 pages of information about Partnership.
This section contains 2,029 words
(approx. 7 pages at 300 words per page)
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Partnership as Distinguished from Other Entities

General partnerships, which are referred to in this article simply as "partnerships," are to be distinguished from other types of entities, including for-profit and nonprofit corporations nonprofit as sociations, and limited liability companies (LLCs). Partnerships are like for-profit corporations and most limited liability companies in that they are intended to operate for profit. However, corporations and limited liability companies are creatures of statute, created and able to exist only by following specific statutory procedures. Partnerships, on the other hand, may exist on a far more informal basis; they can even be based on a hand shake agreement. Perhaps the single most significant distinction between corporations and limited liability companies on one hand, and partnerships on the other, is that the former offer liability protection to those who invest in, own, and operate the entities, while general partnerships offer no such protection.

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This section contains 2,029 words
(approx. 7 pages at 300 words per page)
Buy the Partnership Encyclopedia Article
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Encyclopedia of Business and Finance
Partnership from Encyclopedia of Business and Finance. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.
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