Limited Partnership (LP) Pre-Formation Considerations
- Name, address, and marital status of each general partner and limited partner.
- Name of limited partnership
- Street address of limited partnership’s designated office in California and other offices
- Term of limited partnership
- Scope of limited partnership’s business
- Business with affiliated entities
- Financing of partnership’s business
- Partners’ respective ownership interests in limited partnership
- Initial capital contributions
- Additional capital contributions
- Interest on capital contributions
- Return of capital
- Distributions
- Rights and obligations of partners
- Allocations
- Compensation to partners and affiliates
- Right to reimbursement of expenses incurred in connection with limited partnership’s business
- Liability and indemnification
- Time general partners devote to limited partnership business and right of general partners to engage in competing activities
- Maintenance and accessibility of books and records
- Tax year
- Method of accounting
- Transfers of partnership interests
- Buy-out rights
- Terms for admitting additional partners
- Removal of general partner
- Events of dissolution
- Amendments to partnership agreement
- Dispute and resolution procedures
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