Compliance requirements for a partnership are minimal and require that a Statement of Information be file. With the State of incorporation and the partnership maintains records to provide to the partners. The liability of a general partnership is that a partner’s liability not only extends to that partner’s percentage interest in the business but also to the partner’s personal assets as well.
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Limited Partnership is a partnership formed by two or more persons that has Nepal WhatsApp Number List one or more general partners and one or more limited partners as co-owners of a business. A written partnership agreement should be establishe between the business and its partners. And a written partnership agreement should also be establish. Between the partners themselves establishing the classes of general or limited partners.
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Compliance requirements for a limited partnership require more formal filings with the State. Such as, filing a Certificate of Limited Partnership and obtaining an agent for service of process. The liability of a limited partnership is that the general partner is personally liable for the partnership’s debts. However, the limited partnership allows limited partners to avoid subjecting their personal assets outside of their investment.