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2009 California
Limited Partnership Agreement

Download your California limited partnership agreement today and form your partnership. Or use our professional
partnership formation service and we will do it for you.

A Limited Partnership ("LP") is an association of one or more general partners with one or more limited partners.

The last review and update of our California limited partnership agreement was completed in 2009 by a licensed California attorney.

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Limited Partnership Agreement

A limited partnership is similar to a general partnership; however, there are two types of partners instead of one. The two types of partners in a limited partnership are:

1. General partners
2. Limited partners

General partners are partners who manage the business and have the same risks and liabilities as partners in a general partnership.

Limited partners are partners who contribute only money to the business and do not participate in managing it. Limited partners have limited liability for the business's debts and are usually at risk only for their initial investment. Typically if the business does well the limited partners would receive cash payouts.

In a limited partnership it is possible for a partner to be both a limited and general partner. However, you must have at least one general partner and one limited partner. It is also possible for a corporation to be a general partner in a limited partnership.

Our 15-page attorney-drafted agreement covers the following topics:

• Capital contributions
• Partnership accounts
• Powers, duties, and liabilities of general partners
• Contracts of agents
• Partnership records
• Withdrawal of a partner
• Termination of the partnership
• Power of attorney
• General provisions and more.

Probably the most important benefit of a California limited partnership is the limited partner(s) have limited liability as long as they do not participate in managing or controlling of the business. There is also less paperwork with an ("LP") as opposed to a Corporation or LLC. This has made the limited partnership a popular business structure for some investors and venture capitalists.

If you are looking to form a limited partnership and do not want to do fill out your own agreement, you may want to consider our complete limited partnership formation service. For pricing and complete details Click Here.

If you have further questions on how this business structure might affect your business you should consult with a CPA and attorney in California.

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