How to Get a Certificate of Amendment for a Limited Partnership

In Limited Partnerships, there is limited liability for all members. The member of a Limited Partnership is only liable up to the amount of investment in the partnership. The member is not responsible for management unless otherwise stated in the article of the agreement. Any investment the member makes in the Limited Partnership provides dividends.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Lawyer
• Partnership members
• Certified public accountant
• Incorporation papers
• Employer identification number

1. Select a lawyer that specializes in this type of law and is close to your general locale. You and the other members will have to frequent the lawyer's office to write up the articles of agreement and sign the incorporation papers.
2. File for an Employer Identification Number with the government. Even if you are the only employee, you will need this number for tax purposes, bank accounts and incorporation papers.
3. Fill in an incorporation application form with your lawyer. The form is available online as a PDF.
4. Find a Certified Public Accountant who understands the intricacies of Limited Partnerships to work with you and your lawyer. Sound tax advice is important for the protection of all members of the corporation.
5. Draw up with the lawyer a "Deed of Partnership." This is a legal and binding agreement dictating the rights and responsibilities of all members of the LP.
6. Determine the amount of capital each member will invest in the LP. Make sure that in the incorporation papers the total investment of each member is clearly stated.

Tips & Warnings

• You can file for incorporation online, but it is good practice to seek the advice of an attorney when dealing with investment capital.
• Do not go into business with people who are not interested in the corporation's well-being or your own.