A limited partnership is a modified partnership and is a creature of State statutes. Most States have either adopted the Uniform Limited Partnership Act (ULPA) or the Revised Uniform Limited Partnership Act (RULPA). In a limited partnership, certain members contribute capital, but do not have liability for the debts of the partnership beyond the amount of their investment. These members are known as limited partners. The partners who manage the business and who are personally liable for the debts of the business are the general partners. A limited partnership can have one or more general partners and one or more limited partners.
The general partners manage the business of the partnership and are personally liable for its debts. Limited partners have the right to share in the profits of the business and, if the partnership is dissolved, will be entitled to a percentage of the assets of the partnership. A limited partner may lose his limited liability status if he participates in the control of the business.
The West Virginia General Form of Limited Partnership Agreement is a legally binding contract that outlines the rights, responsibilities, and obligations of limited partners in a limited partnership structure. This agreement is specifically designed to comply with the laws and regulations of the state of West Virginia. The partnership agreement serves as a crucial document for both the general partner(s) and limited partner(s) as it outlines their respective roles in the business. It typically covers aspects such as profit and loss sharing, management and decision-making authority, capital contributions, distributions, and termination procedures. By clearly defining the terms of the partnership, this agreement helps prevent disputes and ensures a harmonious relationship between partners. Specifically for West Virginia, there are no different types of General Form of Limited Partnership Agreements as the state follows a standardized form. Nonetheless, this standard agreement can be modified and customized to suit the unique needs and preferences of the partners involved, provided the changes adhere to the state's legal requirements. Keywords: West Virginia, general form, limited partnership agreement, contract, limited partners, rights, responsibilities, obligations, comply, laws, regulations, general partner, profit sharing, loss sharing, management, decision-making authority, capital contributions, distributions, termination procedures, disputes, harmonious relationship, standardized form, modified, customized, legal requirements.
