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*A limited partner's signature on the subscription agreement grants the general partner power of attorney to conduct the partnership's affairs. The subscription agreement for a limited partnership is deemed accepted when the general partner signs the subscription agreement.
What is a subscription agreement for a limited partnership?
The subscription agreement, when executed by a limited partner, gives the general partner the authority to manage the business of the partnership. When the general partner signs the subscription agreement, it is considered approved for a limited partnership.
What does the general partner's signature on the subscription agreement mean?
The limited partners are given authority to manage the partnership's affairs by the general partner's signature. The subscription agreement, when executed by a limited partner, gives the general partner the authority to manage the business of the partnership.
What is a recourse note in a limited partnership?
Recourse notes obligate the limited partner to make payments regardless of what transpires. He is legally responsible for the $40,000, making his tax base and possible maximum loss $50,000.
A) manage partnership assets on behalf of the partnership as an agent. B) offer the limited partnership real estate.
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