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UNITED STATES OF AMERICA BEFORE FEDERAL TRADE COMMISSIONCOMMISSIONERS:Deborah Platt Majoras, Chairman Orson Swindle Thomas B. Leary Pamela Jones Harbour Jon Leibowitz___ ) ) ) BUCKEYE PARTNERS, L.P.,

How to fill out a limited partnership

How to fill out a limited partnership

1. Determine the purpose of the limited partnership.
2. Select a name for the limited partnership that complies with state laws.
3. Designate a general partner who will manage the partnership.
4. Identify the limited partners who will invest but not participate in management.
5. Draft a limited partnership agreement outlining roles, responsibilities, and profit-sharing.
6. File the certificate of limited partnership with the appropriate state authority.
7. Obtain any necessary licenses or permits for conducting business in your state.
8. Comply with any ongoing filing requirements or fees as mandated by state law.

Who needs a limited partnership?

1. Investors seeking to limit their liability while providing capital for a business.
2. Entrepreneurs who want to raise funds without giving up control of the business.
3. Businesses that require a structure for passive investors.
4. Professionals and service providers looking to collaborate under a shared business model.

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What is a limited partnership?

A limited partnership is a business structure that includes at least one general partner who manages the business and is personally liable for its debts, and one or more limited partners who contribute capital and share profits but have limited liability and no involvement in day-to-day operations.

Who is required to file a limited partnership?

A limited partnership must be filed by the general partner on behalf of the partnership. This may require submitting a certificate of limited partnership to the appropriate state authorities.

How to fill out a limited partnership?

To fill out a limited partnership, complete the required forms by providing details such as the name of the partnership, the address, the names of the general and limited partners, the business purpose, and any additional information required by state law.

What is the purpose of a limited partnership?

The purpose of a limited partnership is to raise capital while limiting the liability of some investors. It allows limited partners to invest without facing personal liability beyond their investment, while general partners manage the business and accept full liability.

What information must be reported on a limited partnership?

Information that must be reported includes the partnership's name, its registered address, the names of the general and limited partners, the duration of the partnership, and the nature of the business activities.