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what is a domestic limited liability limited partnership
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what is a domestic limited liability limited partnership
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Interesting Questions
A limited partnership in Utah is a business structure where there are both general and limited partners. The general partner(s) manage the business and have unlimited liability, while the limited partner(s) invest capital but have limited liability.
To form a limited partnership in Utah, you need to file a Certificate of Limited Partnership with the Utah Division of Corporations and Commercial Code. This document includes information about the general partners, limited partners, and the partnership agreement.
The Certificate of Limited Partnership requires you to provide the partnership name, principal place of business, duration of partnership, names and addresses of the general partners, and a statement of authority.
Yes, it is possible to be both a general and limited partner in a Utah limited partnership. However, it's important to note that as a general partner, you would have unlimited personal liability for the partnership's debts and obligations.
Yes, Utah limited partnerships have ongoing requirements. These include filing an annual report with the Utah Division of Corporations and paying the associated fee. It's important to stay compliant with these obligations to keep your partnership active.
Forming a limited partnership in Utah offers various advantages. Limited partners can enjoy limited personal liability, meaning their personal assets are generally not at risk. The partnership structure allows for flexibility in managing the business and attracting investors.
While limited partners can provide input and make suggestions, actively participating in management may risk losing their limited liability protection. It's crucial to distinguish between the roles of general partners, who have management authority, and limited partners, who primarily contribute capital.
To dissolve a Utah limited partnership, you need to file a Certificate of Dissolution with the Utah Division of Corporations. Additionally, it's advisable to wind up the partnership's affairs, settle any outstanding obligations, and notify creditors, partners, and other relevant parties.
For more detailed information about Utah limited partnerships and their requirements, you can visit the official website of the Utah Division of Corporations and Commercial Code. They provide resources, forms, and guidance to help you navigate the process.
As of the current fee structure, filing a Certificate of Limited Partnership in Utah costs $52. You should check the official website of the Utah Division of Corporations for any updates or changes to the fees.
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