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Click ‘Get Form’ to open the limited partnership form in the editor.
Begin by filling in the Grantor's information, which includes the name of the Family Limited Partnership and its organizational details.
Next, specify the Grantee's details. This should include the name of the individual receiving the property.
Indicate how the Grantees will hold the property by selecting from options such as Tenants in Common or Joint Tenants with Right of Survivorship.
If applicable, note any exemptions from transfer tax in the designated area on the form.
Finally, ensure that all signatures are completed and that a notary public verifies them as required.

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Why would someone want a limited partnership?

Limited partners have limited liability for losses. So, if your company gets sued, you wont be responsible for paying hefty funds like general partners. You get to decide how involved you are in the business, both physically and financially. Partners can be quickly replaced.

Who benefits from a limited partnership?

The family members can become limited partners, while a trusted family member or an entity, such as a corporation or an LLC, acts as the general partner. This structure provides asset protection for the family members, limits their liability, and allows the general partner to manage the business.

What is the main purpose of a limited partnership?

Limited partnerships are often a simple way for individuals to combine resources in order to purchase assets like real estate. One person is the general partner who is responsible for managing the business and its finances.

What is the purpose of a limited partnership?

Limited partnerships can help individuals to pool resources for a shared project. The risk to limited partners is only as much as their initial investment, which the general partner uses to run the business. Limited partnerships offer flexibility so partners can decide when to dissolve the partnership.