Apr 05, 2022
In General Discussions
By two or more persons that has one or more general partners and one or more limited partners as co-owners of a business. A written partnership agreement should be established Telephone Number List between the business and its partners and a written partnership agreement should also be established between the partners themselves establishing the classes of general or limited partners. COMPLIANCE REQUIREMENTS = for a limited partnership require more formal filings with the State, such as, filing a Certificate of Limited Telephone Number List Partnership and obtaining an agent for service of process. MANAGEMENT = in a limited partnership Telephone Number List extends to one or more general partners who have exclusive management authority thus limiting the decisions of the limited partners in the business. The LIABILITY = of a limited partnership is that the general Telephone Number List partner is personally liable for the partnership's debts, obligations and liabilities. However, the limited partnership allows limited partners to avoid subjecting Telephone Number List their personal assets outside of their investment. A limited partner is granted limited liability as long as the partner does not participate in the control of the partnership Telephone Number List business. 4. LIMITED LIABILITY COMPANY A LIMITED LIABILITY COMPANY is an entity having one or more members, organized under State statute.