[Solved] A Limited Liability Partnership (LLP)is Different from a Limited Partnership

Helen and George formed an equal partnership for the raising of flowers to sell at the county fair.After three seasons of mediocre results,George lost interest and only came around to "see how things were going." However,the fourth summer went very well for Helen and she made a large profit.Can George now claim half the profits? A)No,he can't,since the partnership was dissolved by estoppel. B)Yes,he can,since neither partner terminated the partnership. C)Yes,he can,since the ratio for dividing of the profits cannot be changed. D)No,he can't,because with Helen's application,the court will dissolve this partnership. E)No,he can't,since George did very little to manage or help in the business.

The court may upon an application by one or more partners order the partnership dissolved under which circumstance? A)A partner is found mentally incompetent. B)A partner willfully or persistently commits a breach of the partnership agreement. C)A partner becomes permanently incapable of performing his part of the partnership agreement. D)A partner is guilty of conduct that adversely affects the carrying on of the business. E)all of the above

A contractual joint venture differs from a partnership in that A)there is a fiduciary relationship between the participants. B)it pools assets and expertise for a business endeavour. C)it is a relationship for a specific undertaking with a limited duration. D)profits are retained jointly for use in another project. E)the liability will be construed to be joint and several.

A Limited Liability Partnership (LLP)protects a partner from some personal liability.Even though a partner in an LLP is not liable for debts,liabilities,or obligations arising from the negligent acts or omissions of other partners or employees,a partner is subject to all of the following EXCEPT A)remaining liable for his own negligent acts or omissions. B)remaining liable for the negligent acts or omissions for those who are under the partner's direct supervision and control. C)standing to lose the full extent of his net worth. D)standing to lose the value of his partnership share. E)being an agent of the firm and his other partners for the purpose of the business of the partnership.

Which of the following is NOT a fiduciary duty owed by one partner to another? A)Partners are bound to render true accounts and full information of all things affecting the partnership to any partner.When it comes to business of the partnership,partners do not keep information secret from one another. B)Every partner must account to the firm for any benefit derived by him or her without the consent of the other partners from any transaction concerning the partnership or any use by him or her of the partnership property name or business connection.There shall be no secret benefits. C)Every partner must disclose to every other partner any interest she or he has in any other partnership or corporation. D)A partner must account for and pay over to the firm any profits made by him or her in carrying on any business of the same nature as that of the partnership and competing with the firm.

The type of unincorporated business that is usually owned by one person is called a partnership.

In Ontario,in the absence of a partnership agreement,the provisions of the Partnership Act apply to a general partnership.

In a limited partnership,although the limited partner actively engages in the management of the partnership business,only the general partner has unlimited liability.

Chartered accountants can carry on a limited liability partnership without a limited liability partnership agreement.

An individual who decides to carry on business in his or her name need not register the business.