LP 201 - Certificate of Limited Partnership

Instructions for completing LP 201- Certificate of Limited Partnership

This topic will answer the following questions:

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Certificate of Limited Partnership

Background:

Unlike Corporations where you have Directors and Shareholder, or limited liability companies that have members and managers, Limited Partnerships have general partners and limited partners. General partners man the day-to-day operations of the business. The general partner may also be personally liable for the debts of the company, while the limited partner is not. A general partner's liability is not limited to their investment, whereas in a limited liability company, their members have limited liability, and in a Corporation, the directors and officers have a certain degree of indemnity depending on the level of corporate compliance maintained by the company.

Instructions:

Numbered items in the article below correspond to the numbered questions on the form. Unless indicated as optional, all questions must be completed.