Please answer the LLC & Limited Partnership Situation Exercise questions in bullet-style (not essay style). Please include the question you are answering and your answers must be in complete sentences. While there is no page length requirement, each question must be answered fully.
1. Are general partners in a limited partnership automatically entitled to at least minimum wage or a salary of some kind because they work in the general partnership business? Are members who work in a limited liability company entitled to at least minimum wage or a salary of some kind because they work in the business?
2. Does the term “joint and several liability” for your partners’ actions apply in a limited partnership?
3. Do general partners in a limited partnership have any liability to their limited partners if they make decisions in the business that are harmful to the partnership business – can they be sued?
4. Can one member of a limited liability company make a decision without the consent of the other partners?
5. Can one of the members in a limited liability company be “forced out” against their will?
6. State at least three reasons owners in a limited liability company or a limited partnership should enter into a “buy-sell agreement.”