This form addresses important considerations that may effect the legal rights and obligations of the parties in a limited partnership formation. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.
This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.
Montana Limited Partnership Formation Questionnaire
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Multi-State
Control #:
US-Q1024
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Word;
Rich Text
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How to fill out Limited Partnership Formation Questionnaire?
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For example, let's say that Ben, Bob and Brandi are partners in owning and running a bookstore. They own The Book Nook. Per their partnership agreement, Ben and Bob are limited partners. They are investors in the store.
To form a limited partnership, you have to register in your state, pay a filing fee and create a limited partnership agreement, which defines how much ownership each limited partner has in your company, and other terms of the partnership.
Cost to Form an LP: The state of California charges a filing fee of $70 to form a limited partnership. Processing Time: The Secretary of State will generally process your LP formation in around 10 business days.
Montana law requires that people file Application for Registration of a Limited Liability Partnership with the Secretary of State in order to officially form an LLP. If you plan on hiring employees, you'll need to get an Employer Identification Number (EIN) from the IRS.
A limited partnership is similar to a general partnership, but offers limited liability protection to some partners. At least one partner must be a general partner with unlimited liability, and at least one partner must be a limited partner whose liability is typically limited to the amount of his or her investment.
How to Form a Limited Liability PartnershipMake sure you're eligible.Pick a name for your LLP.Designate a registered agent.Apply for business licenses.File a certificate of limited liability partnership.Draw up a partnership agreement.Check whether you need to purchase specific insurance plans.More items...?
An entity registered with the Secretary of State as a registered agent must maintain an active good standing status and an address within the State of Montana whether as a Commercial or Noncommercial Registered Agent. A business entity cannot serve as its own registered agent.
Your Registered Agent must have a street address in Montana (PO Boxes are not allowed). Your Montana Registered Agent must also be available during normal business hours (9am 5pm) in case Service of Process arrives.
With an LLC, all of the members obtain limited personal liability. The members may also participate in the management of the business and keep their limitation of liability. In an LP, only limited partners enjoy limited personal liability.
The registered agent may be a Montana resident or a Montana or foreign business entity authorized to do business in Montana. The registered agent must have a physical street address in Montana.