New Mexico Certificate of Limited Partnership
Description
How to fill out Certificate Of Limited Partnership?
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FAQ
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.
Limited liability partnership (LLP) is a type of general partnership where every partner has a limited personal liability for the debts of the partnership. Partners will not be liable for the tortious damages of other partners but potentially for the contractual debts depending on the state.
? The Uniform Partnership Act has adopted the theory that a partnership is not a legal entity separate and distinct from its membership except for such purposes as keeping partnership accounts, marshalling assets and conveyancing.
LLLPs are structured so that there isn't any personal liability for the general partner or partners. A general partner in an LP, in contrast, has exposure to personal liability such as debts or lawsuits.
The certificate must state: (1) the name of the limited partnership, which must comply with Section 15901.08; (2) the address of the initial designated office; and (3) the name and address of the initial agent for service of process in ance with paragraph (1) of subdivision (d) of Section 15901.16.
A limited partnership has two types of partners: general partners and limited partners. It must have one or more of each type. All partner, limited and general, share the profits of the business. Each general partner has unlimited liability for the obligations of the business.
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.
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.
