The Michigan Certificate of Limited Partnership (LCP) is a legal document filed with the Michigan Department of Licensing and Regulatory Affairs (LARA) to create a limited partnership. It will define the purpose of the business, the partners’ roles and responsibilities, and the division of profits and losses among the partners. The LCP must be signed and filed by all the partners or their authorized representatives. The LCP is available in two types: the Standard Limited Partnership (SLP) and the Limited Liability Limited Partnership (LL LP). The SLP requires all partners to share liability for debts and other obligations, while the LL LP limits the liability of the general partners. The filing fee for the Michigan Certificate of Limited Partnership is $50. The LCP must also be accompanied by a completed Michigan Limited Partnership Statement of Information form. The form must be signed by the general partners and filed with the LCP. Once filed, the LCP and Statement of Information become part of the public record and can be accessed online. The LCP serves as legal proof of the limited partnership’s existence and can be used to open a bank account or apply for a business loan.