What is a LP
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What is a LP

What is a LP
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CORPORATE GLOSSARY
 
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LP
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Term LLC
What is a LP
A Limited Partnership (LP) is a special type of Partnership created by state statute. A Limited Partnership consists of two classes of Partners: one or more Limited Partners and one or more General Partners.

A Limited Partnership is a common business structure for types of businesses that focus on a single or limited-term project. Limited Partnerships are also useful in situations where one or more financial backers prefer to contribute money or resources while the other Partners perform the actual work.

In a Limited Partnership only one Partner is required to be a General Partner. A General Partner shares characteristics similar to those of a Partner in a General Partnership, including individual liability for the acts of the Partnership or of any member of the Partnership engaged in carrying out Partnership business.

General Partners pay the Limited Partners a return on their investment - similar to a corporate dividend. The nature of the payment is usually defined in the Partnership Agreement. A General Partner is exposed to unlimited personal liability. It is for this reason that Limited Partnerships are sometimes set up so that the General Partner is a Corporation or an LLC.

A Limited Partner is similar to a shareholder in a Corporation or a member in a LLC, except that the Limited Partners have no inherent right to elect a board of directors. Limited Partners have no day-to-day involvement in the management or operation of the Partnership and are not generally liable for either the acts of the Partnership or of the General Partners. A Limited Partner does have certain rights to participate in certain limited decisions, such as the decision to liquidate and dissolve the Partnership. A Limited Partner's liability is normally limited to the amount of his or her investment in the Partnership.

Under state law, and in the absence of any special provision to the contrary in the Partnership Agreement, a Limited Partnership cannot be dissolved without the unanimous consent of all of the Partners.

Income from a Limited Partnership can be allocated each year among the Partners in a way that minimizes taxes. If the Limited Partnership meets certain criteria it can enjoy the benefits of pass-through taxation; otherwise it will be taxed as a Corporation.

Limited Partnerships are required to file the names and addresses of all General Partners with a state agency, usually the Secretary of State. A Limited Partnership may not have a name which is too similar to another Limited Partnership or Corporation operating in the same state.
 



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Incorporation
State State
Processing Fee
State
Processing Time
Alabama$150.00 15-20 business days
Alaska$250.00 15-20 business days
Arizona$60.00 10-12 business days
Arkansas$50.00 10 business days
California$135.00 1-2 weeks
Colorado$50.00 5 business days
Connecticut$250.00 4-6 business days
Delaware$89.00 5-7 business days
District of Columbia$220.00
Florida$70.00 5-7 business days
Georgia$100.00 15 business days
Hawaii$50.00 15-20 business days
Idaho$100.00 5-7 business days
Illinois$281.25 3-5 business days
Indiana$93.00 7 business days
Iowa$50.00 5-7 business days
Kansas$90.00 2-3 business days
Kentucky$50.00 5-7 business days
Louisiana$75.00 1-2 weeks
Maine$145.00 3-4 business days
Maryland$120.00 7-8 weeks
Massachusetts$275.00 2-3 business days
Michigan$60.00 5-7 business days
Minnesota$155.00 3-5 business days
Mississippi$50.00 8-10 business days
Missouri$58.00 8-10 business days
Montana$70.00 10-12 business days
Nebraska$65.00 8-10 business days
Nevada$75.00 7-10 business days
New Hampshire$100.00 2-3 weeks
New Jersey$125.00 1-2 business days
New Mexico$100.00 2-3 weeks
New York$135.00 7-10 business days
North Carolina$125.00 5-7 business days
North Dakota$100.00 5-8 business days
Ohio$125.00 1-2 weeks
Oklahoma$50.00 2 weeks
Oregon$100.00 2-3 business days
Pennsylvania$125.00 7-10 business days
Rhode Island$230.00 8-10 business days
South Carolina$263.00 3 weeks
South Dakota$150.00 2-3 weeks
Tennessee$100.00 1-2 business days
Texas$300.00 5-7 business days
Utah$70.00 5-8 business days
Vermont$125.00 3-5 business days
Virginia$100.00 3-4 business days
Washington$180.00 5-7 business days
West Virginia$50.00 8-10 business days
Wisconsin$100.00 5-7 business days
Wyoming$100.00 10-12 business days
 
Limited Liability Company (LLC)
State State
Processing Fee
State
Processing Time
Alabama$100.00 15-20 business days
Alaska$250.00 15-20 business days
Arizona$50.00 10-12 business days
Arkansas$50.00 10 business days
California$105.00 1-2 weeks
Colorado$50.00 5 business days
Connecticut$120.00 4-6 business days
Delaware$140.00 5-7 business days
District of Columbia$220.00
Florida$155.00 5-7 business days
Georgia$100.00 15 business days
Hawaii$50.00 15-20 business days
Idaho$100.00 5-7 business days
Illinois$500.00 3-5 business days
Indiana$90.00 7 business days
Iowa$50.00 5-7 business days
Kansas$165.00 2-3 business days
Kentucky$40.00 5-7 business days
Louisiana$115.00 1-2 weeks
Maine$175.00 3-4 business days
Maryland$120.00 7-8 weeks
Massachusetts$520.00 2-3 business days
Michigan$50.00 5-7 business days
Minnesota$135.00 3-5 business days
Mississippi$50.00 8-10 business days
Missouri$105.00 8-10 business days
Montana$70.00 10-12 business days
Nebraska$100.00 8-10 business days
Nevada$75.00 7-10 business days
New Hampshire$100.00 2-3 weeks
New Jersey$125.00 1-2 business days
New Mexico$50.00 2-3 weeks
New York$200.00 7-10 business days
North Carolina$125.00 5-7 business days
North Dakota$135.00 5-8 business days
Ohio$125.00 1-2 weeks
Oklahoma$100.00 2 weeks
Oregon$100.00 2-3 business days
Pennsylvania$125.00 7-10 business days
Rhode Island$150.00 8-10 business days
South Carolina$110.00 3 weeks
South Dakota$150.00 2-3 weeks
Tennessee$300.00 1-2 business days
Texas$300.00 5-7 business days
Utah$70.00 5-8 business days
Vermont$125.00 3-5 business days
Virginia$100.00 3-4 business days
Washington$180.00 5-7 business days
West Virginia$100.00 8-10 business days
Wisconsin$170.00 5-7 business days
Wyoming$100.00 10-12 business days
 
Good Standing Certificate
State Corporation LLC
Alabama* $62.00 $62.00
Alaska* $44.00 $44.00
Arizona* $79.00 $79.00
Arkansas* $62.00 $62.00
California  $60.00 $60.00
Colorado* $34.00 $34.00
Connecticut* $84.00 $84.00
Delaware* $95.00 $95.00
District of Columbia* $100.00 $100.00
Florida* $38.00 $38.00
Georgia* $44.00 $44.00
Hawaii* $41.50 $41.50
Idaho* $45.50 $45.50
Illinois* $50.00 $50.00
Indiana* $56.00 $56.00
Iowa* $39.00 $39.00
Kansas* $49.00 $49.00
Kentucky* $44.00 $44.00
Louisiana* $80.03 $59.00
Maine* $64.00 $64.00
Maryland* $74.00 $74.00
Massachusetts  $85.00 $64.00
Michigan  $44.00 $44.00
Minnesota  $95.00 $95.00
Mississippi* $61.00 $61.00
Missouri* $44.00 $44.00
Montana* $44.00 $44.00
Nebraska  $65.00 $65.00
Nevada* $84.00 $84.00
New Hampshire  $60.00 $60.00
New Jersey* $59.00 $84.00
New Mexico  $105.00 $105.00
New York  $115.00 $115.00
North Carolina* $46.00 $46.00
North Dakota  $75.00 $75.00
Ohio* $39.00 $39.00
Oklahoma* $54.80 $60.00
Oregon* $49.00 $49.00
Pennsylvania* $74.00 $74.00
Rhode Island  $77.00 $77.00
South Carolina  $65.00 $65.00
South Dakota  $75.00 $75.00
Tennessee* $56.25 $56.25
Texas* $49.00 $49.00
Utah* $46.00 $46.00
Vermont  $75.00 $75.00
Virginia* $51.00 $51.00
Washington  $75.00 $75.00
West Virginia* $44.00 $44.00
Wisconsin* $44.00 $44.00
Wyoming* $44.00 $44.00
*  2-3 hour same day service available
 
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