Arizona Certificate of Limited Partnership
Description
How to fill out Certificate Of Limited Partnership?
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FAQ
If you desire to conduct business as any limited partnership, you must file with our office to receive that designation. Limited partnerships consist of three types: limited partnership (?LP?), limited liability partnerships (?LLP?), and limited liability limited partnerships (?LLLP?).
Some states only require that the certificate contains the name of the limited partnership, the name and address of the registered agent and registered office, and the names and addresses of all of the general partners.
What Is the Difference Between an LP and LLP? An LP and LLP have a similar structure. However, LPs have general partners and limited partners, while LLPs have no general partners. All partners in an LLP have limited liability.
You can choose from a general partnership, limited partnership, limited liability partnership, or joint venture. Each type has benefits and disadvantages, so it's important to assess each to determine which one may work for your unique partnership.
Comparing 3 Types of Partnerships in Business. There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states.
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.
A limited partnership (LP) exists when two or more partners go into business together, but the limited partners are only liable up to the amount of their investment. An LP is defined as having limited partners and a general partner, which has unlimited liability.
Arizona law does not restrict the number or type of partners. A corporation or other business entity may be a partner. The partnership is liable for the acts of each partner in the ordinary course of business, and each partner is jointly and severally liable for all obligations of the partnership.
