There are variety of options for creating a partnership – Limited Partnership, Limited Liability Partnership, Limited Liability Company and General Partnership. There are distinct differences that you, with your tax and/or legal advisor, should consider when deciding on which entity type you will need to accomplish your goals, such as structure, personal liability and reputation.
Limited Partnerships are composed of at least one general partner who:
As well as limited partners who:
The limited partnership provides the limited partners a return on their investment (similar to a dividend), the nature and extent of which is usually defined in the partnership agreement.
To form a limited partnership, the partners must register in the applicable state, typically through the office of the local Secretary of State. It is important to obtain all relevant business permits and licenses, which vary based on locality, state or industry.
UCS is with you every step of the way by providing the necessary forms to file with the Secretary of State as well as assist with drafting and submitting to the proper department. UCS also provides a registered agent office which is required in most states.