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Summary: Before forming a limited business partnership, hire an attorney that specializes in this particular field. Make sure business agreements reflect the vision of both business partners in a limited partnership with insight from a lawyer in this free video on business law.
Robert Todd is the managing partner and president of Robert M. Todd, P.A. and Family Law Solutions. He is a certified family mediator and Florida Supreme Court certified civil...read more
"You and some business associates have decided to go into business together, and they've discussed a limited partnership. Hello, I'm Robert Todd, and I'm here to answer the question, how do I form a limited partnership? Well first of all, a limited partnership is a legal agreement or association whereby the limited partners invest in the business but have limited liability. So the limited partnership agreement is going to have to specify the extent of the limited partners investment, and it's going to have to specify the extent to which that limited partner has any degree of liability, if any liability. So unless you have drafted or participated in the drafting of a limited partnership agreement previously, we would strongly recommend that you hire an attorney who is specialized in drafting limited partnership agreements, to make sure that that agreement reflects the specific agreements of the parties involved. I'm Robert Todd, and thank you for watching."
eHow Article: How to Form a Limited Partnership