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Limited
Partnership
What
Is a LP?
In
a Limited Partnership, one or more "general" partners
manage the business while "limited" partners contribute
capital and share in the profits but take no part in running
the business. General partners remain personally liable for
partnership debts while limited partners incur no liability
with respect to partnership obligations beyond their capital
contributions. The purpose of this form of business is to encourage
investors to invest without risking more than the capital they
have contributed.
Duration
of the LP?
Death,
disability, or withdrawal of a general partner dissolves the
partnership unless the partnership agreement provides otherwise
or all partners agree, in writing, to substitute a general partner.
Note, death or incompetence of a Limited Partner has no effect
on the partnership.
Formalities
The
formalities of setting up and operating a limited partnership
are very similar to that of starting a small, for-profit corporation.
The California Limited Partnership Act, for example, requires
the filing of a certificate with the Secretary of State, applies
restrictions on the use and availability of partnership names,
contains statutory requirements with respect to the manner of
calling and holding meetings, and contains many corporation-like
requirements.
To
request this form click Here
The data herein has been compiled from various public sources.
The Onyx Group, LP attempts to provide as accurate information
as possible, but is not responsible for actual, consequential
or incidental damages DISCLAIMER: This Web Site is published
for informational purposes only and not to give legal advice,
since legal advice requires application of the law to specific
factual circumstances. Furthermore, due to the ever-changing
nature of the law, this material or portions of it may become
dated or obsolete. Therefore, the authors of this Web site
information disclaim any liability for direct, indirect or
consequential damages resulting from any person’s use
or reliance upon this information. Your review of this information
does not establish an attorney-client relationship between
you and Neider & Boucher, S.C., or any of our individual
attorneys.
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