The advantages of a LP are described as follows:
Limited partners have protection for personal liability.
Limited partners shall face losses only up to limited liability.
Using personal assets to repay the debts and obligations is reduced.
Investment amount is quite large due to the involvement of more than one individual in this partnership.
A partnership is real estate investments are being set up as LP.
This partnership can be used when capital raising is required for their investments.
Limited partners are not liable to pay any taxes for self-employment.
The LP is called a pass-through entity as there is a pass-through of taxes.
Partners shall add their share of revenue or loss on their tax returns in a schedule. Hence they are taxed only once.
There is no requirement of any annual meetings.
There is no standard reporting structure or formal structure followed.
The creation of a partnership under a LP is easy.
There are no taxes on self-employment for limited partners.
Workload is shared due to more than one individual in this partnership.
The disadvantages of a LP are described as follows:
In LP, the liability of the general partners is unlimited.
Maximum risk for the debts is with general partners.
General partners are accountable for the management activities of the entity and are accountable for the obligations, debts, mishandling of business transactions.
Limited partners have limited involvement in the management of the entity.
Limited partners are not involved in decision making.
It is harder to transfer ownership.
It is not flexible for changing the management roles.
Dissociation as a Limited Partner
Only after the cessation of the LP can a person have the rights to dissociate themselves as a limited partner. Therefore, a person is dissociated from a limited partnership in the following instances as a limited partner:
When a LP has a notice expressing the person’s will to withdraw his services as a limited partner in that partnership
When a person is excluded from being a limited partner by the partnership agreement
When a person in the limited partnership performs an event as per the agreement in the partnership terms, that leads to their dissociation as a limited partner
When continuing the partnership with the limited partner is unlawful.
When a person involves in illegal activities and his/her conduct affected the limited partnership.
When a person intentionally commits a material breach of the terms of the agreement.
Due to death of the person.
Due to termination of company, trust or estate, the limited partner is also terminated.
When a person acts as a limited partner or trusts, they should distribute the trust’s interest in a limited partnership and not perform activities as a substitute for the previous trustee.
When a person acts as a limited partner or is an estate, they should distribute the estate’s interest and not perform activities as a substitute for the previous partner in a limited partnership
Steps for Dissolving a Limited Partnership
The laws relating to LP vary from state to state. However, while dissolving a LP, there are basic steps that need to be followed. These steps are basic and almost similar in all states is as follows:
Arranging for a partnership meeting.
Taking a vote to dissolve the partnership.
Following the dissolution procedures mentioned in the initially accepted partnership agreement or as per the state laws.
Taking down minutes of meeting in the partnership meeting.
Recording the meeting minutes in the business records of the partnership.
Filing the dissolution certificate/ cancellation certificate.
Cancellation certificate should be filled at the same state office where the partnership certificate was filled initially.
One among the existing general partners shall be appointed to manage the dissolution procedure.
If no general partners in a partnership, limited partners can file a petition and seek approval from the court to manage the dissolution procedure.
Limited partners can file a petition and seek approval from the court to appoint a trustee to manage the dissolution procedure.
The business licenses of the limited partnership should be cancelled.
Issuing notice to all creditors about termination of the limited partnership.
Paying the unpaid debts of the limited partnership.
Settlement of any liability of the limited partnership.
Liquidation of the assets.
Distribution of the remaining value and assets to the partners’ basis the amount of their investment.
Filling the tax returns with the state and revenue service.
Limited partnership is terminated. A new partnership can be initiated as per need.
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