Pls. see attached.
I need guidance in completing the following:
Restaurant/bar: Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage ownership.
The best choice of entity for this business will be a limited partnership. The limited partnership is one in which there are general partners and limited partners. The two general partners Lou and Jose will have unlimited liability and Mirian will be the limited partner. The control of the business will be with Lou and Jose as they are general partners, on the other hand Miriam will be the limited partner and will share the profits of the firm. As Lou and Jose are general partners they will also have the right to share in the profit of the firm and will be jointly and severally liable for the outstanding debts of the sports bar and restaurant. Lou and Jose have the power to bind all the members of the firm. On the other hand Miriam has limited liability in a sense that she is liable only for the registered investment. At the same time Miriam will not have the authority to manage the firm. The taxation with regards to a limited partnership is that it is a pass on entity. It means that the partners have to pay taxes on the income earned by them. The partnership does not have to pay taxes. The law that governs limited partnership is The Uniform Limited Partnership Act and after 1976 revision is called the Revised Uniform Limited Partnership Act.
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