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A Delaware LLC exists as a separate legal entity from its members, creating a shield that insulates the owners from individual liability beyond their investment for the LLC's financial obligations. Unlike a corporation, the protection in a LLC also runs in reverse.
General partners of a limited partnership may be in the form of another person or company. As a separate legal entity, limited partnership's may own property, sue, and be sued.
An LP allows limited partners to limit their liability in the same way that the liability of the shareholders of a corporation is limited. However, unlike a corporation, the LP is not a separate legal person.
Delaware LP does have legal personality. Limited partnerships are unique in that they have two levels of existence ? the general partnership and the limited partnership. The limited partnership is a separate entity from its partners and can own property, enter into contracts, and sue or be sued.
When a foreign LLC wants to do business in Delaware, it needs to register with the Delaware Division of Corporations and pay the $200 registration fee. (You can pay the state an extra $50 for expedited state processing or $100 for priority one-day state processing).
The Certificate of Limited Partnership can be completed online as a PDF file and mailed to the Delaware Division of Corporations. Cost to Form an LP: The state of Delaware charges a filing fee of $200 to form a limited partnership.
One or more corporations of Delaware can consolidate or merge with one or more limited liability companies in the state of Delaware or elsewhere in the United States.
What is a Delaware Limited Partnership? Delaware Limited Partnerships (DLPs) are a type of business entity in the United States. They are formed by filing a certificate of limited partnership with the Delaware Secretary of State. DLPs have two types of partners: general partners and limited partners.