A Pennsylvania Certificate of Limited Partnership (PULP) is a legal document filed with the Pennsylvania Department of State that establishes and recognizes the existence of a limited partnership. It is a document that must be filed by all limited partnerships in the state of Pennsylvania. The PULP must include the name of the partnership, the address of the office, the date of formation, the names and addresses of the general and limited partners, the name and address of the registered agent, the purpose of the partnership, and any other information required by the state. The PULP must be signed by at least one general partner and one limited partner. There are two types of Pennsylvania Certificate of Limited Partnership: a Form LP-1 for domestic partnerships and a Form LP-2 for foreign partnerships. A domestic partnership is formed by two or more persons who reside in Pennsylvania. A foreign partnership is formed by two or more persons who reside outside of Pennsylvania.
Pennsylvania Certificate of Limited Partnership
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FAQ
--A limited partnership (LP) is a partnership of two or more persons with at least one general partner and one limited partner. 1. General Partners. As a rule of thumb, general partners in an LP have the same powers, rights, duties, and exposure to liability as partners in a general partnership.
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.
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.
A limited partnership is a partnership formed by two or more persons having one or more general partners and one or more limited partners.
Limited partnerships are a form of partnership involving general partners, who are liable for all the debts and liabilities of the partnership, and limited partners, who are liable to the extent of their capital contribution to the partnership.
The firm name of your limited liability partnership must contain the words ?limited liability partnership? or ?societe a responsabilite limitee? or the abbreviations ?LLP?, ?L.L.P.? or ?s.r.l.? as the last words or letters of the firm name.
You don't have to register as a general partnership in Pennsylvania to get your business started, but you might have to file other paperwork to have the legal authority to run your general partnership. Common paperwork you might have to file is paperwork to obtain business licenses, permits, or clearances.
A limited partnership agreement helps protect your business into the future by outlining each partner's roles and responsibilities, as well as how they share in the business profits. You should use a limited partnership agreement if you want to form a limited partnership or formalize an existing limited partnership.