Get IL LP 207 2012-2024

To form a limited partnership, you have to register in your state, pay a filing fee and create a limited partnership agreement, which defines how much ownership each limited partner has in your company, and other terms of the partnership.

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.

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.

A limited partnership consists of one or more general partners and one or more limited partners. The same person can be both a general partner and a limited partner, as long as there are at least two legal persons who are partners in the partnership.

Limited partnerships (LP) and limited liability limited partnerships (LLLP): In Illinois, LPs and LLLPs must register with the Secretary of State by filing a Certificate of Limited Partnership and paying the appropriate fees.

The general partnership is created when the partners start business activities. Even though the formation of a general partnership requires no state filing, the partners must still comply with registration, filing, and tax requirements applicable to any business.

An LP must have two or more owners. At least one must be a general partner who has unlimited, personal liability, and one must be a limited partner who has limited liability but is prohibited from participating in business management.