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LP 902 Illinois Uniform Limited Partnership Act Form August 2012 Secretary of State Department of Business Services Limited Liability Division 501 S. Second St., Rm. 357 Springfield, IL 62756 217-524-8008.

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Tip. A corporation is harder to set up than a limited partnership, but it gives liability protection to all the owners. In a partnership, only the limited partner has similar protection. The tax rules for the two types of business are different too.

An LP might be better if any of the following apply: You want passive investors who cannot participate in management decisions. You already have an LLC that will serve as the general partner. You are not particularly concerned about the personal liability of the general partner.

In order to create a limited partnership, an individual must file a Certificate of Limited Partnership with the Illinois Secretary of State. This form may be submitted by mail or online. The LP may be required to file additional paperwork if the partners plan on operating their business under an assumed name.

Private equity companies almost exclusively use a combination of general and limited partners for their investment funds. Well-known limited partnerships include Enterprise Products and Blackstone Group (both of which are public companies), and Bloomberg L.P. (a private company).

Limited Partnership (LP) This business structure can be seen as a cross between a general partnership and a corporation, where limited liability protection exists for some partners. In the case of a limited partnership - At least one partner must be a general partner with unlimited liability.

Domestic limited liability partnerships file a form UPA 1003(D), with a cost of $100.00 per partner (minimum of $200 and a maximum of $5,000). Foreign limited liability partnerships file the form UPA 1003(F) with a filing fee of $300.00.

Limited partnership (LP) is a type of partnership organization that limits the personal liability of some partners. In general partnerships, every partner remains personally liable for the debts and obligations of the partnership.

As such, a limited partnership usually comprises of a minority of GPs and a majority remainder of LPs. Any person in law can be either type of partner. So a partner might be a company or an individual. However, the same person cannot be both types of partner at the same time.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232