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 Broward Florida General Form of Limited Partnership Agreement is a legal document that outlines the partnership agreement between two or more parties, where one party acts as the general partner and the others as limited partners. This agreement governs the operation, management, and distribution of profits and losses of the partnership in Broward County, Florida. Key terms and elements typically included in the Broward Florida General Form of Limited Partnership Agreement are: 1. Partnership Formation: The agreement starts by stating the name of the partnership, its principal place of business, and the date of its formation. It also lists the parties involved, specifying their roles as general or limited partners. 2. Capital Contributions: The agreement details the capital contributions made by each partner, including cash, property, or services rendered. It specifies the ownership interest of each partner based on their respective contributions. 3. Profits and Losses: The allocation of profits and losses among partners is clearly defined in the agreement. The general partner may receive a larger share while limited partners may have limited liability but fewer rights to decision-making. 4. Management and Decision-making: It outlines the responsibilities and authority of the general partner in managing the partnership's daily operations. Limited partners typically have limited involvement unless otherwise stated in the agreement. 5. Partnership Duration: The duration of the partnership, whether definite or indefinite, is specified. If it is a limited partnership with a fixed duration, the agreement states the date of termination. 6. Transfer of Interests: The agreement may outline restrictions on the transfer of partnership interests, including the approval process required, rights of first refusal, or limitations imposed to protect the partnership's interests. 7. Dissolution and Liquidation: The events that might lead to the dissolution of the partnership, such as bankruptcy, death of a partner, or mutual agreement, are specified. The procedure for liquidating the partnership's assets and distributing them among the partners is also described. Types of Broward Florida General Form of Limited Partnership Agreement may include: 1. General Partnership with Multiple General Partners: This agreement caters to partnerships where more than one party acts as a general partner, sharing management responsibilities and potential liability. 2. Limited Partnership with Silent Limited Partners: In this type, some limited partners have minimal involvement in partnership operations and decision-making, acting as silent partners who contribute capital but have limited liability. 3. Limited Partnership with Active Limited Partners: Unlike silent limited partners, active limited partners have some involvement in partnership management or specific decision-making rights as outlined in the partnership agreement. 4. Domestic Limited Partnership: This type of agreement is applicable when all partners involved in the partnership are based in Broward County, Florida. 5. Foreign Limited Partnership: This agreement pertains to partnerships where one or more partners are based outside of Broward County, Florida, but choose to establish a limited partnership within the county. It is essential to consult legal professionals and ensure that the Broward Florida General Form of Limited Partnership Agreement aligns with the specific needs and objectives of the partners involved.The Broward Florida General Form of Limited Partnership Agreement is a legal document that outlines the partnership agreement between two or more parties, where one party acts as the general partner and the others as limited partners. This agreement governs the operation, management, and distribution of profits and losses of the partnership in Broward County, Florida. Key terms and elements typically included in the Broward Florida General Form of Limited Partnership Agreement are: 1. Partnership Formation: The agreement starts by stating the name of the partnership, its principal place of business, and the date of its formation. It also lists the parties involved, specifying their roles as general or limited partners. 2. Capital Contributions: The agreement details the capital contributions made by each partner, including cash, property, or services rendered. It specifies the ownership interest of each partner based on their respective contributions. 3. Profits and Losses: The allocation of profits and losses among partners is clearly defined in the agreement. The general partner may receive a larger share while limited partners may have limited liability but fewer rights to decision-making. 4. Management and Decision-making: It outlines the responsibilities and authority of the general partner in managing the partnership's daily operations. Limited partners typically have limited involvement unless otherwise stated in the agreement. 5. Partnership Duration: The duration of the partnership, whether definite or indefinite, is specified. If it is a limited partnership with a fixed duration, the agreement states the date of termination. 6. Transfer of Interests: The agreement may outline restrictions on the transfer of partnership interests, including the approval process required, rights of first refusal, or limitations imposed to protect the partnership's interests. 7. Dissolution and Liquidation: The events that might lead to the dissolution of the partnership, such as bankruptcy, death of a partner, or mutual agreement, are specified. The procedure for liquidating the partnership's assets and distributing them among the partners is also described. Types of Broward Florida General Form of Limited Partnership Agreement may include: 1. General Partnership with Multiple General Partners: This agreement caters to partnerships where more than one party acts as a general partner, sharing management responsibilities and potential liability. 2. Limited Partnership with Silent Limited Partners: In this type, some limited partners have minimal involvement in partnership operations and decision-making, acting as silent partners who contribute capital but have limited liability. 3. Limited Partnership with Active Limited Partners: Unlike silent limited partners, active limited partners have some involvement in partnership management or specific decision-making rights as outlined in the partnership agreement. 4. Domestic Limited Partnership: This type of agreement is applicable when all partners involved in the partnership are based in Broward County, Florida. 5. Foreign Limited Partnership: This agreement pertains to partnerships where one or more partners are based outside of Broward County, Florida, but choose to establish a limited partnership within the county. It is essential to consult legal professionals and ensure that the Broward Florida General Form of Limited Partnership Agreement aligns with the specific needs and objectives of the partners involved.
