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from Part I - Identifying Fiduciaries and Their Duties
Published online by Cambridge University Press: 20 August 2021
This Chapter analyzes two of the most extreme examples of partnerships that have outgrown partnership law: limited liability partnerships (LLPs) and publicly-traded partnerships (PTPs), known in the investment community as master limited partnerships (MLPs). Both of these entities reflect the tension between traditional partnership law and legislatively-granted limited liability and contractual flexibility. Just as corporation statutes apply awkwardly to small, closely-held corporations, partnership and limited partnership acts apply even more awkwardly to extra large partnerships.
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