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Interesting Questions
A limited partnership is a business structure where there are at least two partners, including at least one general partner and one limited partner. The general partner handles management and assumes unlimited liability, while the limited partner has limited liability but limited involvement in decision-making.
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. The form requires details about the partnership's name, address, registered agent, purpose, and partners' information.
A registered agent is a person or entity authorized to receive legal documents and official notifications on behalf of a limited partnership. They must have a physical address in Utah where they can be reached during normal business hours.
Forming a limited partnership in Utah offers benefits like limited liability for limited partners, flexibility in profit-sharing and management roles, and potential tax advantages. It also allows for the pooling of resources and expertise between partners.
Yes, a limited partner can become the general partner later if the partnership agreement allows for it. However, this change may affect the limited partner's limited liability, as they would then assume unlimited liability.
In Utah, limited partnerships are required to file an Annual Report with the Utah Division of Corporations and Commercial Code. This report provides information about the partnership's address, partners, and registered agent. Failure to file the report may result in penalties or loss of good standing.
Yes, you can operate a limited partnership under a name different from the registered name, but you need to file a Certificate of Assumed Name with the Utah Division of Corporations and Commercial Code. This allows you to conduct business using the assumed name while remaining legally compliant.
A limited partnership differs from a general partnership in terms of liability. In a limited partnership, the general partner has unlimited liability while the limited partners have limited liability, meaning they are not personally responsible for the partnership's debts and obligations beyond their investment.
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