A limited partnership is a partnership consisting generally of a general partner, who has unlimited liability but retains daily control of operations, and one or more limited partners, whose liability is limited to their investment but cannot exercise daily control. A proper limited partnership typically is set up with an LLC acting as General Partner, so as to limit any individual’s exposure to full liability. This entity is attractive for those scenarios where a business operator wants to control the business him/herself, but needs/desires to bring on some “money” partners to fund operations. Because the setup requires the formation of an LLC general partner, a limited partnership, and associated filing fees at the state level, the formation cost is more than other entities. We will take care of filing the Certificate with the Secretary of State.
Documents to be prepared for you: "Follow-Through" Instructions, Certificate of LP Formation, Limited Partnership Agreement, Certificate of LLC (genereal partner) Formation, Operating Agreement, two Appications for Taxpayer ID's (SS-4). Price: $450.00 complete plus $1,200 Express Filing Fees
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The following questions should be answered in order for us to prepare correct and enforceable documents:
Name of Limited Partnership:
Name of Registered Agent Name:
Address of Registered Agent:
Address of Principal Office of the Limited Partnership:
Name of General Partner of the Limited Partnership:
Address of the General Partner:
If the General Partner is a separate entity, has it already been formed? Yes No
Type of Entity: C Corporation Sub S Corporation L.L.C.
Name of President of Entity to serve as General Partner:
Name(s) and addresses of initial Limited Partners:
What is the Ownership Interest Percentage, Initial Capital Contribution and Contribution Percentage of the Partners/Venturers?
Will cash distributions be allocated to the parntners/venturers according to their Ownership Percentage? Yes No
If no, then how should they split?
Name and address of Principal Bank handling accounts of the Partnership/Joint Venture:
Purpose of Partnership/Joint Venture:
Will the Partnership/Joint Venture own, manage and/or develop real property? Yes No
Property Address: Property City: Property State: Property Zip Code:
Lot , Block , Addition to the City of , County, Texas.
If property is not in a lot/block subdivision, but surveyed by "METES and BOUNDS", please locate the metes and bounds description on the back of your existing deed and either fax it to us at 817.737.7201 or upload into your Client Briefcase upon completion of this questionaire. If you are unable to locate the legal description, check the box below.
Unable to locate legal description
OPTIONAL: Upload files to help the TLD staff create your documents.