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General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the partnership's debts and obligations.
Each general partner is deemed the agent of the partnership. Therefore, if that partner is apparently carrying on partnership business, all general partners can be held out as partners for his dealings with third persons. By default a partnership will terminate upon the death, disability, or even withdrawal of any one partner.
This is the essence of a real estate partnership, a legal entity that is created to finance projects, divide risks and capitalize on the strengths and expertise of each partner. If you’re ...
Although a partnership itself is not a legal entity, it may acquire rights and incur liabilities, acquire title to real estate and sue or be sued. For example, a Gesellschaft mit beschränkter Haftung & Compagnie KG (GmbH & Co. KG) is a limited partnership with, typically, the sole general partner being a limited liability company. It can thus ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
A real estate limited partnership (RELP) is a specialized investment structure comprising general partners responsible for actively managing a property, and limited partners or passive investors ...
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
The general partners (GPs) are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership. As in a general ...