Partnership

Question 1

What is limited partnership?

Answer 1

A limited partnership is one formed by two or more persons under the provisions of the following article, having as members one or more general partners and one or more limited partners.

Question 2

What are the requirements for formation of limited partnership?

Answer 2

1. sign and swear to a certificate, which shall state the following;
   a. character of the business;
   b. location of the principal place of business;
   c. name and place of residence of each member, general and limited partners being respectively designated;
   d. term for which the partnership is to exist;
   e. amount of cash and description of and the agreed value of the other property contributed by each limited partner;