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Limited Partnership (LP)

Limited Partnership (LP)

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  • Release time:2023-03-23 14:11:16
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Limited Partnership (LP)

A company structure known as a limited partnership has both general and limited partners. The partnership's debt is entirely the responsibility of the general partners. Only the debts or obligations that they originally contribute to the business are subject to liability for limited partners.


Limited Partnership (LP)

Requirements

— A limited partnership is formed by two or more entities

— Must have at least one limited partner and one general partner

Benefits

— Their personal liability is limited

— Only responsible for the amount invested in the LP

Information Required

— The name of the company ending with "Limited Partnership" or "LP."

— Full names of all partners, with separate lists for general and limited partners

— The nature of the business;

— The address of the business

— A statement that the partnership is limited;

— A description of each limited partner;

— The amount that each limited partner is contributing; and the form that the contribution is to take, if any; 

— The length of the partnership, if applicable.


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