Creation of Partnerships

Question 1

What are the three types of partnerships?

Answer 1

(1) General partnership
(2) Limited partnership
(3) Limited liability partnership

Question 2

How is a general partnership created?

Answer 2

(1) Two or more persons
(2) Voluntarily carry on a business for profit as co-owners
(3) All persons have the capacity to contract

Question 3

When must a general partnership be committed to writing?

Answer 3

When the business cannot be completed within one year

Question 4

How is a limited partnership created?

Answer 4

Filing a certificate of limited partnership with the state and payment of the required fee

Question 5

What must a certificate of limited partnership include?

Answer 5

(1) Basic info (name, registered agent, mailing address)
(2) Each general partner’s name and mailing address
(3) Signatures of general partners

Question 6

What types of partners are in a limited partnership?

Answer 6

(1) General partner
(2) Limited partner

Question 7

How is an LLP formed?

Answer 7

When a general partnership files a registration statement with the state and pays a fee.