The Arizona Certificate of Limited Partnership is a legal document that establishes a limited partnership in the state of Arizona. It outlines the formation, structure, and key details of the partnership, providing protection and clarity for both general and limited partners involved. Here is a detailed description of what this certificate entails, including relevant keywords: 1. Formation: The Arizona Certificate of Limited Partnership serves as proof that a limited partnership has been formed in accordance with the Arizona Revised Statutes (A.R.S.). It is filed with the Arizona Corporation Commission (ACC) to register the partnership's existence and provide necessary information to the state and public. 2. Partnership Name: The certificate requires the partnership to provide its legal name. This name must be unique and not conflict with any existing Arizona business entities. 3. General Partner Information: The certificate includes detailed information about the general partner(s), such as their legal names, addresses, and telephone numbers. General partners hold management authority and personal liability. 4. Limited Partner Information: The certificate also requires the names and addresses of the limited partners. Unlike general partners, limited partners have limited liability and are not actively involved in the partnership's day-to-day operations. 5. Registered Agent: The partnership must designate a registered agent residing in Arizona. The registered agent acts as a point of contact for receiving legal notices and official correspondence on behalf of the partnership. 6. Duration and Dissolution: The certificate specifies the partnership's duration, which could be perpetual or for a specified period. It also outlines the process for dissolution, including events that may trigger dissolution and the distribution of assets upon dissolution. 7. Purpose and Business Activities: The certificate describes the partnership's specific purpose and the scope of business activities it intends to engage in. It ensures that the partnership is authorized to operate within the legal boundaries of Arizona law. 8. Execution and Filing: The certificate requires the signature of at least one general partner to authenticate the document. Once completed, the certificate must be filed with the Arizona Corporation Commission along with the appropriate filing fee. Types of Arizona Certificates of Limited Partnership: 1. Domestic Limited Partnership: This certificate is filed when forming a limited partnership in Arizona with partners based within the state. 2. Foreign Limited Partnership: If an existing limited partnership from another state wishes to operate in Arizona, they must file a Foreign Limited Partnership certificate. This document allows the partnership to expand its business activities into Arizona while complying with local regulations. In conclusion, the Arizona Certificate of Limited Partnership is a crucial legal document for establishing and conducting a limited partnership within the state. It provides a solid foundation for partnership operations, clearly defining roles, responsibilities, and liability limitations for general and limited partners.
Arizona Certificate of Limited Partnership
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How to fill out Certificate Of Limited Partnership?
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If you desire to conduct business as any limited partnership, you must file with our office to receive that designation. Limited partnerships consist of three types: limited partnership (?LP?), limited liability partnerships (?LLP?), and limited liability limited partnerships (?LLLP?).
Some states only require that the certificate contains the name of the limited partnership, the name and address of the registered agent and registered office, and the names and addresses of all of the general partners.
What Is the Difference Between an LP and LLP? An LP and LLP have a similar structure. However, LPs have general partners and limited partners, while LLPs have no general partners. All partners in an LLP have limited liability.
You can choose from a general partnership, limited partnership, limited liability partnership, or joint venture. Each type has benefits and disadvantages, so it's important to assess each to determine which one may work for your unique partnership.
Comparing 3 Types of Partnerships in Business. There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states.
An LP must have two or more owners. At least one must be a general partner who has unlimited, personal liability, and one must be a limited partner who has limited liability but is prohibited from participating in business management.
A limited partnership (LP) exists when two or more partners go into business together, but the limited partners are only liable up to the amount of their investment. An LP is defined as having limited partners and a general partner, which has unlimited liability.
Arizona law does not restrict the number or type of partners. A corporation or other business entity may be a partner. The partnership is liable for the acts of each partner in the ordinary course of business, and each partner is jointly and severally liable for all obligations of the partnership.
