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FAQ

FAQ

LPs can provide numerous tax deductions to employees. Even a one-person LP can take health insurance and entertainment deductions, and the general partner is allowed to deduct pension plan and 401(k) expenses. An LP also has a potentially limitless life.
Advantages of the Limited Partnership
LPs can provide numerous tax deductions to employees. Even a one-person LP can take health insurance and entertainment deductions, and the general partner is allowed to deduct pension plan and 401(k) expenses. An LP also has a potentially limitless life.
General partnerships consist of two or more partners; these partners jointly manage the company's day-to-day operations and share responsibility for the company's debts and liabilities. Each partner contributes to the partnership - financially and in equity - and shares in the business' profits and losses.
What are the responsibilities of each partner in a limited partnership?
General partnerships consist of two or more partners; these partners jointly manage the company's day-to-day operations and share responsibility for the company's debts and liabilities. Each partner contributes to the partnership - financially and in equity - and shares in the business' profits and losses.
You'll need to take some steps to register your LP with your state, but we'll help you do that -- from clarifying your LP name to submitting your certificate. It is also a good idea to create a limited partnership agreement that details the partnership.
How do I set up an LP limited partnership?
You'll need to take some steps to register your LP with your state, but we'll help you do that -- from clarifying your LP name to submitting your certificate. It is also a good idea to create a limited partnership agreement that details the partnership.

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