In a limited partnership, limited partners have liability limited to their investment and typically do not participate in management.
An LLC in Washington is formed by filing Articles of Organization with the Secretary of State.
In a general partnership, all partners have equal management rights unless they agree otherwise in the partnership agreement.
Directors owe duties of loyalty and care, but there is no recognized "duty of obedience" under corporate law. The duty of obedience is more relevant in non-profit organizations.
"Piercing the corporate veil" occurs when courts hold shareholders personally liable for corporate obligations, typically in cases of fraud, undercapitalization, or commingling of assets.
