Limited Partnerships

Formation
A Certificate of Limited Partnership must be filed with the Secretary of State.

Liability of a Participants
Limited partners are not personally liable for the obligations of the limited partnership unless they participate in control. General partners are liable in the same manner as in a general partnership.

Control or Management
Limited partnerships are managed by general partners. Limited partners generally do not participate in management.

Transferability of Ownership Interest
Ownership interests are not transferable. Partners and limited partners may assign financial interests only.

Crossing State Lines
Must register in the state where it wants to do business.

Income Tax Status
Same as in a General Partnership.