Pennsylvania Certificate Pursuant to Judicial Order Limited Partnership (PCP) is a type of limited partnership in the state of Pennsylvania. It is formed through a court order, rather than through the traditional filing of paperwork with the Pennsylvania Department of State. PCP is unique in that its purpose is to facilitate the transfer of assets or the continuation of a business venture when the general partner is unable or unwilling to manage the partnership. PCP can be broken down into two types: (1) Certificate of Limited Partnership, and (2) Certificate of Limited Partnership with General Partner. The Certificate of Limited Partnership is used to document the transfer of assets from a general partner to one or more limited partners. The Certificate of Limited Partnership with General Partner is used to document the continuation of a business venture when the general partner is unable or unwilling to manage the partnership. In both cases, the court order must state the terms of the partnership, the amount of capital to be contributed by each partner, the name and address of each partner, and the name of the general partner, if applicable. The court order must also designate an individual to act as the registered agent for the partnership. The Certificate of Limited Partnership or Certificate of Limited Partnership with General Partner must be filed with the Pennsylvania Department of State within 30 days of the court order. Both types of PCP must also file an annual report with the Pennsylvania Department of State. The annual report must include a list of all partners, the address of the partnership, and the amount of capital that each partner has contributed. Failure to file the annual report can result in fines or dissolution of the limited partnership.
Pennsylvania Certificate Pursuant to Judicial Order Limited Partnership
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FAQ
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.
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.
Although partnerships are legally recognized, partnership firms are not legal persons, unlike corporations. Therefore, while a partnership firm may be sued in its own name, the firm's partners are liable for the debts and obligations of the partnership firm.
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 is a partnership formed by two or more persons having one or more general partners and one or more limited partners.
A limited liability partnership is similar to a limited liability company (LLC) in that all partners are granted limited liability protection. However, in some states the partners in an LLP get less liability protection than in an LLC. LLP requirements vary from state to state.
How to form a Pennsylvania General Partnership ? Step by Step Step 1 ? Business Planning Stage.Step 2 ? Create a Partnership Agreement.Step 3 ? Name your Partnership and Obtain a DBA.Step 4 ? Get an EIN from the IRS.Step 5 ? Research license requirements.Step 6 ? Maintain your Partnership.
However, as there is no legal requirement to file the partnership accounts, partners may choose only to produce some statements, and therefore, many choose to produce only the profit and loss account.