Limited Partnership (LP)
Real estate ventures, family investment vehicles, passive investor structures
15 Pa.C.S. §§ 8501–8598
Notice: Business entity selection and formation involve legal, tax, and liability considerations that vary by situation. This information is provided for educational purposes. Consult with a licensed attorney and tax professional for guidance specific to your business.
Key Facts
Formation Fee
$125
Liability
General partners: unlimited liability. L...
Taxation
Pass-through (Form 1065)
Owners
At least one general partner and one limited partner
Liability Protection
General partners: unlimited liability. Limited partners: liability limited to investment.
Tax Treatment
Pass-through (Form 1065)
Management Structure
General partner(s) manage; limited partners are passive investors
Ownership
At least one general partner and one limited partner
Advantages & Disadvantages
Advantages
Disadvantages
Formation Steps
Draft a limited partnership agreement
File Certificate of Limited Partnership (DSCB:15-8511) with PA Dept of State ($125)
Register fictitious name ($70)
Obtain EIN from IRS