Limited Partnership
Agreement
A Limited Partnership ("LP") is a specific association of one or more general partners with one or more limited partners for the purpose of conducting a business for profit. We offer you a professional 17-page, attorney-drafted limited partnership agreement to form your partnership. |
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If you live in California Click Here.
A limited partnership is similar to a general partnership;
however, there are two types of partners instead of one. The
two types of partners in
a limited partnership are:
- General partners
- Limited partners
General partners are partners who manage the business and have the same risks and liabilities as partners in a general partnership.
Limited partners are partners who contribute only money to the business and do not participate in managing it. Limited partners have limited liability for the business's debts and are usually at risk only for their initial investment. Typically if the business does well the limited partners would receive cash payouts.
In a limited partnership it is possible for a partner to be both a limited and general partner. However, you must have at least one general partner and one limited partner. It is also possible for a corporation to be a general partner in a limited partnership.This attorney-drafted agreement covers the following topics:
- Capital contributions
- Partnership accounts
- Powers, duties, and liabilities of general partners
- Contracts of agents
- Partnership records
- Withdrawal of a partner
- Termination of the partnership
- Power of attorney
- General provisions and more.
Probably the most important benefit of a limited partnership is the limited partner(s) have limited liability as long as they do not take part in managing or control of the business. There is also less paperwork with an ("LP") as opposed to a Corporation or LLC. This has made the limited partnership a popular business structure for investors and venture capitalists.
If you have further questions on how this type of business structure might affect your business you should consult with a good CPA and attorney in your state.
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- Limited Partnership Agreement
(Professional version 17-pages) - $19.95
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System Requirements:
Any Windows® or Macintosh® computer that can read rich text word documents.
