Must be present interest. Rights over business assets may not be solely retained by donor. Donee has right to participate in management. At least one general partner 16. Limited liability 17.
Limited partner has no participation in management.
Death, insanity, or retirement of a limited partner does not dissolve partnership. Limited partner's interest is transferable. No self-employment income allocation, unless guaranteed salary. Recourse debt is only against general partner. Corporation taxed as a partnership.