A limited partnership is a partnership in which the business is managed by one or more general partners and is provided with capital by limited partners who do not participate in management but who share in profits and whose individual liability is limited to the amount of their respective capital contributions
A family limited partnership is a partnership in which the partners are members of a family and one or more family members are general partners, with other family members as limited partners.
The forms are based on the Uniform Limited Partnership Act, as adopted in all states. The completed by the Uniform Law Commissioners in 1976, and amended in 1985. The original Limited Partnership Act was completed in 1916 and adopted in 49 states and the District of Columbia.
STATE ADOPTIONS OF ULPA (1976):
California
Connecticut
Maryland
Michigan
Montana
Missouri
Nebraska
New Jersey
South Carolina
Washington
Wyoming
STATE ADOPTIONS OF ULPA (1976) WITH 1985 AMENDMENTS:
Alabama
Alaska
Arizona
Arkansas
Colorado
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Maine
Massachusetts
Minnesota
Mississippi
Nevada
New Hampshire
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Dakota
Tennessee
Texas
US Virgin Islands
Utah
Vermont
Virginia
West Virginia
Wisconsin
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Family Limited Partnership Agreement and...
