Get Access to World’s largest Template Library & Tools

10+ Limited Partnership Agreement Templates – PDF, Word

Sometimes it’s nice to be in a business where you get to have little work to do and only invest your money in it. There is a kind of agreement for this, and it is called the limited partnership agreement. The agreement has a set of rules on how the business will be governed. The creation of the agreement samples should be voluntary for both partners and it can be attested to the court if some dispute happens. You may also see partnership templates.

Agreement Template Bundle

agreement template bundle 788x510
Details
File Format
  • MS Word
  • Google Docs

Download Now

Business Agreement Template Bundle

business agreement template bundle 788x510
Details
File Format
  • MS Word
  • Google Docs

Download Now

Limited Partnership Agreement Template

limited partnership agreement template
Details
File Format

Size: A4, US

Download Now

Simple Limited Partnership Agreement Template

simple limited partnership agreement template
Details
File Format

Size: A4, US

Download Now

Restaurant Limited Partnership Agreement Template

restaurant limited partnership
Details
File Format
  • Google Docs
  • MS Word
  • Pages

Size: A4, US

Download Now

Limited Partnership Agreement Template

limited partnership agreement template
wkblaw.com

Agreement of Limited Partnership

agreement of limited partnership
awincomefund.ca

Simple Limited Partnership Agreement

limited partnership agreement
peretorecpa.com

What Is A Limited Partnership?

In the business context, a limited partnership is a kind where one owner is not burdened with making decisions for the business on a daily basis. He is still part of the partnership but he only invested a certain amount of money in it. He is called the “limited partner”, and he has no control over the business decisions. The other party is called the “general partner”, which manages the daily operations of the business and makes all the business decisions without consulting the limited partner. The limited partner should not lose the money he invested in the business.

Forming a limited partnership does not take so much effort. It only takes a few hours of work at most. The first step in forming this kind of sample agreement is to consult a lawyer. He can help you with the paperwork that is in accordance with the law. One important thing to remember when forming a limited partnership is that you should not talk about it outside the bounds of the agreement for security purposes. Some legal rules require compliance. Even after the limited partnership is formed, you still have to comply with some things before actually running the business.

Sample Limited Partnership Agreement

sample limited partnership agreement
booksite.elsevier.com

Limited Liability Partnership Agreement Sample

limited liability partnership agreement sample
abacoop.org

How To Write A Limited Partnership Agreement

It does not mean that you don’t have to read up and sign a contract when you are in a limited partnership. You still have to make some time for reading since the limited partnership agreement details what you have to do even if there is almost none. You may also see business partnership agreement templates.

1. Write basic information

The names of the parties participating in the agreement should be specified. One must be referred to as the general partner while the other is referred to as the limited partner. Their roles in the agreement must be clearly defined. Other basic information such as the age and address of the parties is also included. Write a start and end date of the contract’s validity to know how long the contract is good for. You may also see partnership contract templates.

2. Draft the roles and responsibilities

The roles and responsibilities of the parties should be clearly defined as well. As we’ve said before, the general partner operates the business while the limited partner only puts in the money. You have to define what are their other responsibilities and compliance to fulfill the agreement. It also includes their tasks and the limit of their power in making business decisions. You may also see partnership agreement key clauses.

3. Voting rights

Some decisions have to be made carefully. Partners can vote over business transactions and managerial decisions such as terminating managers and other partners. However, this part has to be detailed when it is about the limit of their voting rights. Sometimes, general partners may not allow limited partners to vote on particular business issues. They can also decide if they want to hire a voting committee to handle the voting process or let all the partners vote. The voting process is outlined as well. You may also see simple partnership agreement templates.

4. The split of profits and losses

In any business, there will always be profits and losses. The process of splitting these two is written in the limited partnership agreement. The ownership interest is one basis for the partners to get their shares of profits and losses. It can also be allocated differently. The general partner often gets more than the limited partners, considering the fact that they handle the daily operations of the business. You may also see formation agreement templates.

5. Exit from the agreement

There should be a part where the agreement can be left into the devices of the other party. A partner may be voted out of the agreement when he dies, gets disabled, gets kicked out by other partners, or opts for retirement. For a smoother transition, the ownership interest of the leaving partner can be done in a buy and sell format. The agreement provides rules if the ownership interest of the leaving partner can be bought out by other partners. The limited partnership dissolves when the partners don’t address the possibility of other partners leaving the agreement. In the vent of the partnership being agreed to be dissolved, the splitting of business assets is outlined in the agreement. You may also see business agreement templates.

6. Add a confidentiality clause

The confidentiality clause protects any information, data and output made while the limited partnership agreement is valid. Any information should be kept undisclosed at all costs. It also serves as a protection for both parties in case something happens. Rules on what to do if there is a dispute should also be provided. You may also see free sample agreement templates.

7. Have a lawyer help you

Get a lawyer’s help when you draft this agreement. Sure, it is another payment. But it really helps to hire one so the agreement would be in accordance with the law. The lawyer shall review all parts of the document and can make some changes. This makes the agreement more binding and legal. You may also see sample sales agreements.

8. Proofreading

Revise some sentences that are not needed in the agreement. Sometimes, you have to do a full rewriting of the a part of the document. Polish the draft of the agreement by correcting spelling and grammar errors. This makes reading a legal document easier and more professional. You may also see written business agreements.

Limited Partnership Agreement Sample

limited partnership agreement sample
enbridgeincomefund.com

Limited Partnership Agreement Template

limited partnership agreement template
ir.envivapartners.com

Limited Partnership Agreement Short Form

limited partnership agreement short form
minutes.haringey.gov.uk

Pros and Cons of Limited Partnership

Limited partnerships have its highs and lows. It is useful to you in some way but it has some drawbacks. Think hard before getting into this kind of agreement. Once you sign the document, there’s no going back. Below are the advantages and disadvantages of a limited partnership.

1. Flexibility.

In a limited partnership, the limited partner can leave without dissolving the whole partnership. In the first place, he has little control over the business. This makes limited partnership flexible. The general partner also gets paid a percentage of the dividends along with his ownership stake. Limited partnerships can also be customized by writing an operation agreement, which states how the business is run by both parties. You may also see personal loan agreements.

2. Tax benefits.

Limited partnerships allow the profits and losses of the company to flow through the business to the partners. The general partners are taxed on their income and tax returns, while the limited partners won’t have to participate in the business at all. You may also see partnership contract templates.

3. Liability.

With a limited partnership, the limited partner’s liability is only up to the amount of money he invested in the business. Going beyond that can mean trouble. You can also bring in more investors without giving up control of the business. Their liability in debts is also limited as long as the agreement is valid. You may also see partnership proposal templates.

4. Maximum exposure.

Limited partners can’t lose the money they invest in the business. In a limited partnership, the partners know their exposure to losses. This, in turn, makes it easier to raise the capital. You may also see partnership contract templates.

5. Decision-making risks.

When a company goes bankrupt, the general partners bear all the burden of dealing with financial and legal matters. However, all the decisions of the company are made by the general partners. The limited partners don’t have a say in it. You may also see partnership termination templates.

Conclusion

Limited partnerships are only good if you want to invest in a business and get away from the managerial responsibilities. This also opens more opportunities for you to do other things aside from the business that you have invested in. Always think through when signing a contract. It helps to understand everything that is written on it before inking your signature. You may also see basic agreement templates.

More in Agreements

10+ Cross Purchase Agreement Templates in Word | Pages | Google Docs | Publisher | PDFApartment Rental Agreement - 8+ Free Word, PDF Documents Download
10+ Product Supply Agreement Templates in Word | Pages | Google Docs | PDF10+ Travel Insurance Document Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF
18+ House Rental Agreement Templates - DOC, PDF10+ Longevity Insurance Document Templates in Google Docs | Word | Pages | PDF
10+ Yacht Insurance Document Templates in Google Docs | Word | Pages | PDF10+ Pet Insurance Templates in Google Docs | Word | Pages | PDF
10+ Auto Insurance Templates in Google Docs | Word | Pages | PDF11+ Recruiting Service Level Agreement Templates in PDF | DOC
10+ Onboarding Feedback Form Templates in Google Docs | PDF | Word | Pages10+ Homeowners Insurance Templates in Google Docs | Word | Pages | PDF
10+ Pre-Employment Agreement Templates in Google Docs | Word | Pages | PDFFREE 10+ Reinsurance Contract Templates in Google Docs | Word | Pages | PDF
10+ Multiple Employer Welfare Arrangement Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF20+ Equipment Rental Agreement Templates - DOC, PDF
15+ Child Support Agreement Templates10+ Unilateral Trade Agreement Templates in Google Docs | Word | Pages | PDF
30+ Sales Agreement Template – Free Word, PDF Document Download10+ Multilateral Trade Agreement Templates in Google Docs | Word | Pages | PDF
10+ Current Liability Templates in Google Docs | Google Sheets | Word | Excel | Numbers | Pages | PDF10+ Student Internship Placement Agreement Templates in PDF
10+ Bilateral Trade Agreement Templates in Google Docs | Word | Pages | PDF10+ Revenue Leverage Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF
11+ Retirement Contribution Agreement Templates in DOC | PDF5+ Employee Retirement Agreement Templates in Google Docs | Word | Pages | PDF
11+ Mortgage Agreement Templates in PDF | DOC10+ Revenue Cycle Management Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF
12+ Commission Agreement Templates - Word, PDF, Apple Pages10+ Depositary Receipt Templates in Google Docs | Word | Pages | PDF
10+ Indemnity Insurance Templates in Google Docs | PDF | Word | Pages10+ Cost of Revenue Templates in Google Docs | PDF | Word | Excel | Pages | Numbers
9+ Resolution Agreement Templates in Google Docs | Word | Pages | PDF11+ Student Technology Use Agreement Templates in DOC | PDF
10+ Family Partnership Agreement Templates in PDF | Word10+ Model Partnership Agreement Templates in PDF | DOC
11+ Educational Partnership Agreement Templates in PDF | DOC10+ Media Partnership Agreement Templates in PDF
9+ Revenue Sharing Agreement Templates in Google Docs | Word | Pages | PDF11+ Small Business Partnership Agreement Templates in Google Docs | MS Word | Pages | Editable PDF
5+ Exclusive Partnership Agreement Templates in PDF8+ Event Partnership Agreement Templates in PDF | DOC
9+ Partnership Shareholder Agreement Templates in PDF | DOC9+ Partnership Dissolution Agreement Templates in PDF | DOC
10+ Partnership Intermediary Agreement Templates in PDF | DOC10+ Investment Partnership Agreement Templates in PDF | DOC
11+ Share Purchase Agreement Templates in Google Docs | Word | Pages | PDF11+ Stock Repurchase Agreement Form Templates in PDF
11+ Stock Purchase Agreement Templates in PDF | DOCFREE 9+ Research and Development Agreement Templates in PDF | MS Word
10+ Short Term Investment Contract Templates in Google Docs | Word | Pages | PDFFREE 11+ Research Data Sharing Agreement Templates in PDF | MS Word
10+ Repurchase Agreement Templates in Google Docs | Word | Pages | PDF10+ Residential Roofing Contract Templates in Google Docs | Word | Pages | PDF
FREE 11+ Research Collaboration Agreement Templates in PDF | MS WordFREE 10+ Sponsored Research Agreement Templates in PDF | MS Word
FREE 10+ Research Confidentiality Agreement Templates in PDF | MS Word37+ Work Agreement Templates
10+ Contingency Recruiting Agreement Templates in PDF | DOC10+ Logistics Service Level Agreement Templates in PDF | Word
8+ Roth IRAs Templates in PDF10+ Customer Confidentiality Agreement Templates in Googe Docs | Word | Pages
10+ Business Partnership Agreement Templates in Google Docs | MS Word | Pages | PDF10+ Investor Proposal in Google Docs | MS Word | Pages | InDesign | Publisher | PDF
11+ Reinsurance Agreement Templates in PDF | DOC10+ Mortgage Fee Agreement Templates in PDF | Word
5+ Mortgage Buyout Agreement Templates in DOC | PDF11+ Investment Agreement Templates in DOC
10+ Investment Club Partnership Agreement Templates in PDF | DOC8+ Investment Club Agreement Templates in DOC | PDF
10+ Investment Loan Agreement Templates in PDF8+ Co-Investment Agreement Templates in PDF
9+ Coffee Franchise Agreement Templates in Google Docs | Word | Pages11+ Investment Management Agreement Templates in PDF | DOC
10+ Guaranteed Investment Agreement Templates in PDF11+ Investment Advisory Agreement Templates in DOC | PDF
10+ Fitness Studio Rental Agreement Templates in PDF | WORD11+ Fitness Agreement Templates in PDF | WORD
10+ Contractor Confidentiality Agreement in MS Word | Pages | PDF | Google DocsCustody Agreement Template – 11+ Word, PDF Document Download
13+ Business Agreement Templates - Word, PDF4+ Agency Worker Agreement Templates in PDF
11+ Managing Agency Agreement Templates in Doc | PDF10+ Sub Agency Agreement Templates in PDF | WORD
10+ Agency and Distribution Agreement Templates in Doc | PDF10+ Travel Agency Service Agreement Templates in PDF | DOC
10+ Property Agency Agreement Templates in PDF | DOC14+ Recruitment Agency Agreement Templates in PDF | WORD
8+ Temporary Agency Agreement Templates in PDF10+ Product Agency Agreement Templates in PDF | DOC
11+ Terminate Agency Agreement Templates in PDF | DOC10+ Non Exclusive Agency Agreement Templates in PDF
11+ Agency Service Level Agreement Templates in Doc | PDF11+ Insurance Agency Agreement Templates in DOC | PDF
10+ Estate Agency Agreement Templates in PDF | DOC10+ Financial Agency Agreement Templates in PDF | DOC
11+ Commercial Agency Agreement Templates in PDF | DOC11+ Agency of Record Agreement Templates in Doc | Excel | PDF
10+ Buyer Agency Agreement Templates in PDF | DOC9+ Talent Agency Agreement Templates in PDF
bottom banner