Queens, New York is a vibrant and diverse borough located within the city of New York. It is known for its rich history, cultural diversity, and thriving business environment. For those looking to establish a Limited Partnership Agreement between a Limited Liability Company (LLC) and Limited Partner in Queens, New York, there are various types of agreements available to suit different business needs. Some common types include: 1. General Limited Partnership (GLP) Agreement: A GLP Agreement in Queens, New York is a legally binding contract that outlines the rights and responsibilities of both the general partner (LLC) and the limited partner. This agreement allows the limited partner to invest capital into the business while limiting their liability and involvement in the company's operations. The general partner assumes managerial control and unlimited liability. 2. Limited Liability Partnership (LLP) Agreement: In this type of partnership agreement, both the limited partner and the LLC share liability protection. The limited partner has limited liability, similar to that of a shareholder or member of an LLC, while the LLC still maintains management control and unlimited liability. 3. Limited Partnership Agreement with Silent Partner: This type of agreement outlines a partnership between an LLC and a silent partner. A silent partner typically invests capital into the business but does not participate in the day-to-day operations or decision-making process. This agreement protects the silent partner's liability and ensures their investment is secure. 4. Limited Partnership Agreement with Active Limited Partner: In this scenario, the limited partner actively participates in the business operations alongside the general partner (LLC). They contribute capital, expertise, and share in the profits and losses of the partnership. Both partners share liability protection provided by the agreement. 5. Limited Partnership Agreement with Sleeping Partner: A sleeping partner, also known as a dormant partner, invests capital into the partnership but remains completely inactive in the business operations. Their role is limited to providing financial support, and they do not participate in management decisions or assume any liability. This agreement protects the sleeping partner's investment and ensures their limited liability. When drafting a Queens, New York Limited Partnership Agreement Between a Limited Liability Company and Limited Partner, it is crucial to include key provisions such as capital contributions, profit and loss sharing, partner roles and responsibilities, decision-making procedures, tax implications, dissolution process, and dispute resolution mechanisms. Consulting with legal professionals familiar with New York state laws is highly recommended ensuring the agreement complies with all relevant statutes and regulations. In conclusion, Queens, New York offers diverse opportunities for businesses seeking Limited Partnership Agreements between a Limited Liability Company and Limited Partner. With various types of agreements available, entrepreneurs can tailor their partnership structure to meet their specific goals and preferences while adhering to legal requirements.
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.