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Expert Analysis

Who Runs My Joint Venture?

Law360, New York (October 20, 2014, 10:06 AM EDT) -- One of the primary purposes of a written partnership (or limited liability company operating) agreement is to establish rights and obligations for management. In a general partnership or joint venture, any partner or joint venturer is authorized by statute to participate in management and to bind the partnership vis-a-vis third parties. In a limited partnership, only a general partner is authorized to act for the limited partnership; a limited partner could act for the limited partnership, but it could be held liable as a general partner (with full secondary liability for partnership obligations), so that is a rare occurrence....

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