A limited partnership is a partnership consisting generally of a general partner, who has unlimited liability but retains daily control of operations, and one or more limited partners, whose liability is limited to their investment but cannot exercise daily control. A proper limited partnership typically is set up with an LLC acting as General Partner, so as to limit any individual’s exposure to full liability. This entity is attractive for those scenarios where a business operator wants to control the business him/herself, but needs/desires to bring on some “money” partners to fund operations.
Because the setup requires the formation of an LLC general partner, a limited partnership, and associated filing fees at the state level, the formation cost is more than other entities. We will take care of filing the Certificate with the Secretary of State.