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So, I am about to take the BEC exam in 2 days but i got confused on a couple of concepts…
the questions are about Business Structure.
In a Limited Partnership (LP) it states in my book that a Limited Partner has the right to sell or assign his partnership INTEREST.
But it does not clarify if the General Partner in an LP can assign his partnership interest. Can a GP in an LP assign his partnership interest?
one last question
My book regarding profit and loss allocation in an Limited Liability Compay LLC states 2 different things.
It says that profit and loss allocation in an LLC is based on members' contribution. However, under the Uniform Limited Liability Company Act (ULLCA), profit and loss is shared equally. So which is true?
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