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PDF Editor FAQ

Does a partnership need an agreement?

U.S. perspectiveYes, any partnership (general or limited) needs a partnership agreement that specifies the partners' respective rights and obligations concerning financial contributions and distributions, management of the business, and other matters.While such agreements can be oral, it is better if they are written to reduce the likelihood misunderstandings or differences of recollection, which can lead to disputes.

Can I skip partnership in IPCC advanced accounts and still score an exemption?

Yes very well you can.The paper comes for 120 marks (including options), partnership generally comes for 16,so hypothetically hey you can even score a hundred \U0001f4af :).

What are the differences between an LLC and an LLP in US?

LLC-Limited Liability Company-Offers ALL members limits on personal liability for actions of the company. For US federal tax purposes an LLC with multiple members can choose to be taxed as a partnership, S-Corporation or C-Corporation. State tax liability varies by state.LLP-Limited Liability Partnership-Offers only limited partners limits on personal liability for actions taken by the partnership. General partners would still be liable for partnership actions. For US federal tax purposes an LLP is a partnership, no choices. State tax liability varies by state.

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