Other Names: LP Agreement LPA
A Limited Partnership Agreement is a document that helps outline the terms in a working relationship between partners in a limited partnership (or LP). Limited Partnership Agreements help protect the success of your future business venture by allowing you and your partners to understand your ownership rights and liabilities so you can focus on working together toward your business goals. A Limited Partnership Agreement sets out all the details of your limited business partnership, from ownership interests to buy-out options. You can even define specific management roles for your partners, though limited partners (those whose liability for the firm's debts is proportional to their investment in the firm) typically don't have management authority. Your LP Agreement can include details like names, addresses, and purpose of forming the partnership; whether limited partners have any voting rights regarding business decisions; how decisions will be made; percent ownership and capital contributions of the partners; defined management roles for each; accounting and auditing information; how to transfer or buy out shares; how to dissolve the partnership; and more. We'll make it simple to cover all the details with our step-by-step instructions – get started with Rocket Lawyer now!
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