Characteristics of a Limited Partnership or LP:
- It does not require any formalities to be formed other than the agreement of the partners. However, it is always convenient to have a written partnership agreement.
- It must have at a minimum:
- A general partner with unlimited liability, and
- A limited partner with limited liability.
- The unlimited partner is responsible for the conduct and management of the LP, and liable for all its debts and obligations.
- The liability of the limited partner is capped at the amount of his contribution and cannot participate in the management of the LP
- The share in the profits and loses of the LP by the limited partner is limited by the amount of his contribution.
- Generally, the general partner tends to be an entity with limited liability, or the general partner limits his liability by purchasing liability insurance.
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As you oversee the growth of your business ventures in the U.S., Latin America, and around the world, you'll need an experienced, dual-licensed and billingual international business planning attorney to take care of all of your legal needs. At MEG International, we make every effort to ensure that our Latin American clients feel comfortable doing business wherever they are and that they are given the respect they have earned as savvy and successful business people. Contact us online or call us today at (800) 694-6604. Our firm will provide you with trustworthy and reliable representation so you can get the peace of mind of having made the right decisions.
