general partner in a limited partnership and substituted MHM as general partner. In two points of error, Aztec contends that the trial court erred in denying its motion for summary judgment and in granting MHM's motion for summary judgment because neither Aztec nor all of the limited partners consented to the removal of Aztec and substitution of MHM as general partner and, therefore, the removal and substitution are invalid as a matter of law. We conclude that the partnership agreement of Aztec 80-A,
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book was printed on recycled paper. Finance http://www.mhhe.com/primis/online/ Copyright ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted
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FORM OF AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF BLACKSTONE HOLDINGS I L.P. Dated as of 2007 THE PARTNERSHIP UNITS OF BLACKSTONE HOLDINGS I L.P. HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT
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book was printed on recycled paper. Finance http://www.mhhe.com/primis/online/ Copyright ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted
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Limited Partnership be dissolved and converted into an LLC without the approval of all general managers? Rule: A limited partnership can convert to a LLC when all the owners adopt a plan of conversion to which all partners consent. A limited partnership dissolution is only allowed when all general partners and limited partners vote for dissolution, if the last general or limited partner dissociates and is not replaced within 90 days or if a court dissolves the limited partnership because it
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their own business. Akiva and Tara are entering into a general partnership with each other. They will have equal control and voting right with the business. The money earned from the business will be represented on their individual personal income tax returns. Within a general partnership each partner is responsible for liabilities jointly of the contract and debts of each partnership. This is important because each person in a partnership can be sued by a plaintiff if the plaintiff names each partner
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the partnership. Leroy accepted the offer and was duly admitted as a partner. At the time he was admitted as a partner, Leroy did no know that the partnership was on the verge of insolvency. About three months after Leroy was admitted to the partnership, a textile firm obtained a judgment against the partnership in the amount of 50,000. This debt represented an unpaid balance that had existed before Leroy was admitted as a partner. The textile firm brought an action to subject the partnership property
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There are a lot of legal forms for businesses. In this paper, I will talk about these forms; sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. I will try to develop scenarios in which each of these forms of business would be the preferred form. For each scenario, I will justify why the corresponding business form is preferred. Sole proprietorship is the first form of businesses and it is the simplest form of
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industry) Partnerships can be segmented into three tiers based on the intensity and duration of the relationship: 1. Tier I •Short-term, single-function / division coordination 2. Tier II •Extend coordination to integration and encompass multiple activities over a longer time span 3. Tier III •Dilate into “significant” levels of operational integration •Independent” Tier III firms view their partners as difficult-to-replace extensions of themselves 11 •Supplier partnerships (Strength
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restaurant the best suitable entity would be as a general partnership. A general partnership is recognized as being one in the same as its owners. Lou and Jose will be constituted as the general partnership, whereas Miriam would be known as partnership by estoppel. An estoppel is classified as one who is not permitted to deny the partnership. Control in a general partnership is based on the agreement by all partners. A general partnership only has one level of taxation, and is considered a tax-reporting
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