Washington Family Limited Partnership Agreement and Certificate
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FAQ
A Limited Partnership Agreement is essential for a Limited Partnership. Limited Partnership's typically do not have bylaws like a corporation and Limited Partnerships laws have fewer guidelines than are provided for corporations.
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 type of partnership that allow for passive investment without the exposure to unlimited liability. They consist of one or more ?general partners? and one or more ?limited partners.? In Ontario, Limited Partnerships are governed by the Limited Partnerships Act.
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.
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.
With FLPs, ownership is split between general partners and limited partners, but only the general partners have decision-making authority. LLCs, however, enable anyone to have decision-making power. Additionally, LLCs protect all parties involved from liability, whereas FLPs only offer limited partners such protection.
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.
Washington state doesn't require registration to form a general partnership. However, you will need to register to use a name different from the partners' names or to obtain a license for certain business activities.