Tax Law Services, Inc.

Limited Partnerships

A limited partnership is a partnership formed by two or more persons having the capacity to act as partners and has as its members at least one general partner and one limited partner. A general partner has the same liabilities as a partner in a general partnership. A limited partner is a partner whose liability for partnership obligations is limited to the sum of his or her capital contribution to the partnership, plus certain distributions made by the partnership to the limited partner. To preserve limited liability, a limited partner may not participate in the control or management of the partnership's business. A limited partnership is not formed unless the statutory requirements for organization are satisfied. Failure to observe the appropriate formalities may result instead in the formation of a general partnership with general liability for its participants. Like a general partnership, a limited partnership is a conduit for tax purposes.

[Corporations] [Limited Partnerships] [Limited Liability Companies]

[Foreign Corporations] [Foreign Trusts] [Offshore Bank Accounts]

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