Queens New York General Form of Limited Partnership Agreement

Name: Queens New York General Form of Limited Partnership Agreement
Brand: US Legal Forms
Rating: 4.73 (385 reviews)

Category:

Partnerships - Limited

State:

Multi-State

County:

Queens

Control #:

US-01616BG

Format:

Instant download

Description

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.

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Some elements to consider in your limited partnership agreement include but aren't limited to: Business name and purpose. Reason for establishing the limited partnership. Voting rights and decision-making processes. Ownership shares. Partners' capital contributions. Dissolution guidelines.

All limited partnerships are founded on an LP agreement. The best way to think about this agreement is as a contract between the partners of a business. The agreement will define the general partner's authority, as well as the limited partner's rights. The agreement will detail the responsibilities of each partner.

The limited partnership is a specialized form of partnership. The purpose of the limited partnership is to allow individuals to organize into an entity form that allows the flexibility of a general partnership while allowing for special rights, duties, and protections for limited partners.

For example, let's say that Ben, Bob and Brandi are partners in owning and running a bookstore. They own The Book Nook. Per their partnership agreement, Ben and Bob are limited partners. They are investors in the store.

The Limited Partnership Agreement identifies what individual or other entity serves as the general partner. It also lists the ownership interests, profit percentage interest and any special rights of the general partner and limited partners.

A Limited Partnership Agreement is an agreement between the general partner, the limited partners and the Limited Partnership itself in which the partners can set forth in writing the particular agreements that they have among themselves.

Real estate investors, for example, might use a limited partnership. Another common use of a limited partnership is in a family business, called a family limited partnership. Members of a family may pool their money, designate a general partner, and watch their investments grow.

Limited partnerships will have at least one general partner to man the day-to-day operations of the business. A general partner may invest money into the company. However, a general partner may also be personally liable for the debts of the company, while the limited partner is not.

How to Form a New York Limited Partnership (in 6 Steps) Step One) Choose an LP Name.Step Two) Designate a Registered Agent.Step Three) File the Certificate of Limited Partnership.Step Four) Create a Limited Partnership Agreement.Step Five) Handle Taxation Requirements.Step Six) Obtain Business Licenses and Permits.

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Queens New York General Form of Limited Partnership Agreement

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