A limited partnership (LP) has one or many general partners and one or many limited partners. LPs are a popular business structure for businesses that work on a project basis for a set period of time, such as real estate investments.
Each general partner has unlimited liability for the debts and obligations of the business, while each limited partner is only liable for the amount they invested in the company.
Limited partners are “silent partners” in that they invest money in the business but do not have voting power or control over management decisions. LPs offer great potential for attracting investment capital by adding investors as limited partners.
There are advantages and disadvantages to running a limited partnership, as with any entity type. Before starting a business, you need to be well aware of those factors to know what to expect and what troubles you could run into.
Limited partnerships are formed in the state where the partners conduct business. In addition to registering as an LP with the state, you must appoint a registered agent.
A registered agent is a business’s legal appointee to receive notice of lawsuits and other legal or government notices during regular business hours. State law requires every LP to have a registered agent. A registered agent must have a physical office address in the state where you conduct business. The documents they collect are often time-sensitive, so choosing a reliable registered service agent is essential.
Harbor Compliance is also a nationwide registered agent provider. We support your company as it grows, offering local offices with same-day document scanning. Easy online ordering means you have service in minutes. View our service page or contact us for more information.
Harbor Compliance registered agent service provides the forms and filing instructions for your LP. When you work with us, you are immediately granted online access to a registered agent address, and you can expect same-day delivery of your documents. While we handle the registered agent element of your business, so you can focus on meeting your goals and expanding your limited partnership.