Jake and Kate are two members of an LLC with 15 members. This is a member-managed LLC with three of the members identified as the managers. Kate is one of these managers, though Jake is not. In reality, Jake and Kate together do most of the management for the LLC, contributing approximately equal amounts of time and energy. They both have spent some of their own money on behalf of the LLC. In one situation, Jake and Kate each put up $1,000 as a deposit on a contract entered into on behalf of the LLC that the other two managers voted to not perform. Jake and Kate want to be compensated for their time, want their expenses covered, and are worried about liability on the unperformed contract. Discuss their rights and liabilities. How would this differ from a limited partnership. What are the requirements to create both?