Forming a Limited Partnership in Delaware
A Limited Partnership is formed by one or more General Partners and at least one or more Limited Partners. General Partners control and manage the partnership with joint and several liabilities of all actions, debts and obligations. The Limited Partners are generally investors and do not participate in any way with the management of the business. The Limited Partners have limited liability – meaning no liability for the company’s debts, obligations, or actions. Their liability is limited to the amount they have invested.
Forming a Limited Liability Partnership in Delaware
A Limited Liability Partnership is often formed by licensed professionals such as a group of attorneys, accountants, or physicians because they generally protect each individual partner from liability for the professional malpractice of all other partners. However, any group of two or more people can form an LLP in Delaware.
How to Form an LP or LLP with Advantage Delaware
To have us form your LP or LLP, the State of Delaware requires the following information:
- Name of the Company
- Name and Address of your Delaware Registered Agent
For Limited Partnerships:
- Name and mailing address of each General Partner
- Signature of each General Partner
For Limited Liability Partnerships:
- Number of Partners with the name and mailing address of each Partner
As your Delaware Registered Agent we are required to maintain contact information for forwarding any State or Federal documents, the annual Tax, and service of process. This information is held strictly confidential. Here is what we need:
- Name and mailing address of contact individual. Must be a street address where courier delivery or certified mail can be delivered (no P.O. Boxes).
- Additional contact information such as: telephone number, fax number, e-mail address, and any alternate address in case of an emergency.
We transmit your formation document to the Delaware Division of Corporations within 24 hours of receiving your payment and signed certificate. Upon State of Delaware approval of your entity, we scan the original documents and E-mail to you a copy and mail the original along with our cover letter the same day. Normal turnaround time is 1 to 2 weeks. 24 hour or same day expedited formation service is available for an additional State fee.