Family Limited Partnership Agreement and Certificate
Limited Partnership
Law Summary
US-08099AÂÂ
A limited partnership is a partnership in which the business
is managed by one or more general partners and is provided with capital
by limited partners who do not participate in management but who share
in profits and whose individual liability is limited to the amount of their
respective capital contributions
A family limited partnership is a partnership in which the partners
are members of a family and one or more family members are general partners,
with other family members as limited partners.
The forms are based on the Uniform Limited Partnership Act, as adopted
in all states. The completed by the Uniform Law Commissioners in 1976,
and amended in 1985. The original Limited Partnership Act was completed
in 1916 and adopted in 49 states and the District of Columbia.
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STATE ADOPTIONS OF ULPA (1976):
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California
Connecticut
Maryland
MichiganÂÂ
Montana
Missouri
Nebraska
New Jersey
South Carolina
Washington
Wyoming
STATE ADOPTIONS OF ULPA (1976) WITH 1985 AMENDMENTS:
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Alabama
Alaska
Arizona
Arkansas
Colorado
Delaware
District of ColumbiaÂÂ
Florida
GeorgiaÂÂ
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Maine
Massachusetts
Minnesota
Mississippi
Nevada
New Hampshire
New MexicoÂÂ
New York
North Carolina
North DakotaÂÂ
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Dakota
Tennessee
Texas
US Virgin Islands
UtahÂÂ
Vermont
Virginia
West Virginia
WisconsinÂÂ
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