limited partnership

Question 1

requirements of LP

Answer 1

at least 1 general partner and 1 limited partner

file certificate of LP with virginia

Question 2

what benefits do limited partners have?

Answer 2

no personal liability

only liable limited to their capital contributions

Question 3

what goes in certificate of LP?

Answer 3

name
address
state agent
name and address of every GP

Question 4

how would you add additional limited partners after creation?

Answer 4

written consent of all partners

Question 5

what can a limited partner do?

Answer 5

vote to extent allowed

inspect records

transact BA and make loans

Question 6

how does a limited partner lose protection?

Answer 6

participate in control of BA

Question 7

what doesnt count as participating in control?

Answer 7

acting as agent

consults w/ GP

attending meetings and winding up

Question 8

how does dissociation work for general partners?

Answer 8

same as a normal partnersho[

Question 9

limited partner derivative action

Answer 9

limited partner has right to bring derivative action on behalf of LP