An Iowa Certificate of Limited Partnership [488.201] is a legal document that is required to be filed with the Iowa Secretary of State in order to create a limited partnership (LP) in the state of Iowa. The certificate outlines the name of the partnership, the address of the registered office, the name and address of each limited partner and general partner, and the name and address of the registered agent. The filing fee for an Iowa Certificate of Limited Partnership [488.201] is $50. There are two types of Iowa Certificate of Limited Partnership [488.201]: the Initial Certificate and the Amendment Certificate. An Initial Certificate is used to create a new LP in Iowa, while an Amendment Certificate is used to modify an existing LP. Both certificates must be signed by each partner and the registered agent.
Iowa Certificate of Limited Partnership [488.201]
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How to fill out Iowa Certificate Of Limited Partnership [488.201]?
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FAQ
The firm name of your limited liability partnership must contain the words ?limited liability partnership? or ?societe a responsabilite limitee? or the abbreviations ?LLP?, ?L.L.P.? or ?s.r.l.? as the last words or letters of the firm name.
Limited partnerships are a form of partnership involving general partners, who are liable for all the debts and liabilities of the partnership, and limited partners, who are liable to the extent of their capital contribution to the partnership.
--A limited partnership (LP) is a partnership of two or more persons with at least one general partner and one limited partner. 1. General Partners. As a rule of thumb, general partners in an LP have the same powers, rights, duties, and exposure to liability as partners in a general partnership.
The main difference between these partnerships is that general partners have full operational control of a business and unlimited liability, in the business sense. Limited partners have less liability and do not take part in day-to-day business operations.
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.
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.