The Oklahoma Agreement to Form Limited Partnership is a legally binding document that outlines the terms and conditions of establishing a limited partnership in the state of Oklahoma. It serves as a foundational agreement between the general partner(s) and the limited partner(s) and is an essential step in the formation process. In Oklahoma, there are several types of limited partnerships that can be formed under the Oklahoma Limited Partnership Act. These include: 1. General Partnership: A general partnership is formed when two or more individuals or entities come together to carry out a business for profit. All partners have unlimited liability for the partnership's debts and obligations. 2. Limited Partnership: A limited partnership is created by filing a Certificate of Limited Partnership with the Oklahoma Secretary of State. This type of partnership consists of at least one general partner, who manages the business and assumes unlimited liability, and one or more limited partners, who contribute capital but have limited liability. The limited partners are not involved in the day-to-day management of the partnership. 3. Limited Liability Limited Partnership (LL LP): An LL LP is a modified version of a limited partnership. In this type of partnership, the general partner(s) have limited liability, similar to the limited partners, while retaining management control over the business. The limited liability protection extends to the general partners' personal assets, shielding them from the partnership's liabilities. The Oklahoma Agreement to Form Limited Partnership reflects the specific requirements and provisions necessary for each type of limited partnership. It covers various aspects, including the partnership's name, duration, purpose, capital contributions, distribution of profits and losses, management responsibilities, and decision-making processes. Additionally, the agreement may address matters such as admission of new partners, withdrawal or removal of partners, dispute resolution mechanisms, restrictions on partner transfers, dissolution procedures, and any other provisions deemed necessary by the parties involved. To ensure the enforceability and validity of the partnership, it is crucial to draft the Oklahoma Agreement to Form Limited Partnership in compliance with the relevant laws and regulations governing limited partnerships in Oklahoma. Consulting with a qualified attorney experienced in business and partnership law is highly recommended ensuring that the agreement meets all legal requirements and adequately protects the interests of all partners involved.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.