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Second St. Rm. 357 Springfield IL 62756 217-524-8008 www. cyberdriveillinois. com Payment may be made by check payable to Secretary of State. If check is returned for any reason this filing will be void. Illinois Uniform Partnership Act Partnership/Limited Partnership Statement of Merger Print FILE Reset Save This space for use by Secretary of State. FORM UPA-907 October 2014 Secretary of State Department of Business Services Limited Liability Division 501 S* Second St* Rm* 357 Springfield IL 6 ...

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What is meant by limited partnership?

Limited Partnership [LP] [LP] A limited partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the partnership, and one or more limited partners, who have limited liability but cannot participate in management.

How do you tell if a company is a limited partnership?

Limited partnerships will have at least one general partner to man the day-to-day operations of the business. A general partner may invest money into the company. However, a general partner may also be personally liable for the debts of the company, while the limited partner is not.

What is a certificate of limited partnership?

A limited partnership is formed by filing a certificate of limited partnership with the state signed by all general partners.

How do you form a limited partnership?

How to form a limited partnership Name of the business (typically must end in Limited or Ltd.). Registered agent of the business who will accept legal documents on the businesss behalf. Name and address of each general partner. Signature of general partner or person filling out the form.

Is a limited partnership the same as an LLC?

A limited liability partnership is similar to a limited liability company (LLC) in that all partners are granted limited liability protection. However, in some states the partners in an LLP get less liability protection than in an LLC.

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What is an example of a limited partnership?

Some examples of business ventures that commonly use the limited partnership structure include: Shopping malls, apartment complexes and other real estate businesses: With the limited partnership structure, businesses in the real estate industry can provide passive income from rent to the limited partners.

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