The Rhode Island Certificate of Limited Partnership (Domestic LP) is a document that formally registers a limited partnership (LP) with the Rhode Island Secretary of State (SOS). It is a legal entity that allows two or more partners to share in the profits and losses of a business venture while protecting the partners from personal liability. It is a popular business structure for entrepreneurs because it offers flexibility in structuring the ownership and management of a business. There are two types of Rhode Island Certificate of Limited Partnership (Domestic LP): the general partnership and the limited partnership. A general partnership is a business venture between two or more individuals that operates without a formal agreement. Each partner is individually liable for the debts and obligations of the business. A limited partnership, on the other hand, has at least one general partner who is personally liable for all debts and obligations and one or more limited partners who are only liable for the amount of their investment. The Certificate of Limited Partnership must include the name of the LP, the address of the principal office, the name and address of the general partner, and the agreement of the limited partners. The document must be signed by a general partner and filed with the Rhode Island Secretary of State. Once filed, the LP is legally recognized and the partners are protected from personal liability for the debts and obligations of the business.
Rhode Island Certificate of Limited Partnership (Domestic LP)
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