The last review and update of our California limited partnership agreement
was completed in November 2006 by a licensed attorney.
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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:
- General partners
- 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.
This 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 control 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 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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