Formation Flashcards
1
Q
How is a GP formed?
A
Formed by an objective agreement between two or more persons to co-own an on- going business for profit
No formal statutory requirements!
2
Q
How is a LP formed?
A
Formed by complying with statutory requirements:
(1) execute a certificate of LP signed by all named general partners, AND
(2) file a certificate of LP with the secretary of state’s office
The name of the LP must say “limited partnership” or an abbreviation (L.P. or LP)
3
Q
How is an LLP formed?
A
Formed by filing with the secretary of state’s office a certificate of registration signed by at least one partner
Usually must also pay a filing fee
The name of the LLP must say “limited liability partnership” or an abbreviation
(R.L.L.P., L.L.P., etc.)
