General And Limited Partnership Examples

• Category: Partnerships - Limited
• State: Multi-State
• Control #: US-01616BG
• Format: Word; Rich Text

Description

The General Form of Limited Partnership Agreement serves as a foundational document for establishing both general and limited partnerships. It details the roles and responsibilities of the General Partner, who manages the partnership, and the Limited Partners, who provide capital while limiting their liability. Key features of the form include sections outlining capital contributions, profit and loss distribution, and the management structure. The agreement also stipulates limitations on the activities of Limited Partners and provisions for the withdrawal or termination of a partner's interest. This form is useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it clearly defines the rights and obligations of each partner and provides a legal framework for partnership operations. Filling out the form requires accurate information regarding addresses, capital contributions, and the nature of the partnership's business. In editing, users should ensure compliance with state statutory provisions and customize the document to reflect any specific business arrangements agreed upon by the partners. Overall, this agreement is essential for establishing clear expectations and protecting the interests of all parties involved.