A Limited Partnership (LP) consists of two or more persons, with at least one general partner and one limited partner. While a general partner in an LP has unlimited personal liability, a limited partner’s liability is limited to the amount of his or her investment in the company. LP’s are creatures of statute since they must be filed with the State. Because of the limited liability of limited partnerships, they often are used as vehicles for raising capital. The limited partnership is a separate entity and files taxes as a separate entity. Because the general partner is exposed to unlimited personal liability, LP’s sometimes are set up so that the general partner is a corporation or an LLC.

Levin & Atwood’s attorneys are well versed in forming LP’s and drafting partnership agreements. We will discuss with you the ramifications of including certain clauses relating to buy-out procedures, push/pulls and different stock classes.

Please contact Levin & Atwood’s attorneys:

Stuart Ian Levin
Ashley Atwood
Rhonda Walls
John H. Atwood