What Is a Limited Partnership Agreement?

A Limited Partnership Agreement is a legal document that outlines the roles, responsibilities, and financial contributions of general and limited partners in a business partnership. This agreement protects all parties by defining profit-sharing terms, management duties, and liability protections, ensuring clarity and reducing potential conflicts.

This document is essential for entrepreneurs, investors, and businesses looking to form a limited partnership where some partners have limited liability and others take on active management roles.

Why Use Our Free Limited Partnership Agreement Template?

Professionally Drafted

Created by legal experts, this template ensures compliance with partnership laws and clearly defines the responsibilities of all parties involved.

Completely Free

Download a high-quality, lawyer-reviewed limited partnership agreement at no cost, saving time and legal fees.

Customizable

Easily tailor the agreement to suit your business needs, including capital contributions, profit distribution, and partner roles.

User-Friendly

A clear and concise format with simple instructions makes it easy to complete, even without legal expertise.

Key Features of Our Limited Partnership Agreement Template

• Defined Roles & Responsibilities
  Clearly distinguishes between general partners (who manage the business) and limited partners (who invest but have limited liability).
• Capital Contributions & Profit Sharing
  Outlines how much each partner contributes and how profits and losses will be distributed.
• Management Structure
  Specifies who has decision-making authority and the extent of each partner’s involvement in day-to-day operations.
• Liability & Legal Protections
  Protects limited partners from personal liability while defining the legal obligations of general partners.
• Dissolution & Exit Strategies
  Includes provisions for how the partnership will be dissolved and how partners can exit the agreement.

Who Should Use This Template?

• Entrepreneurs & Startups: Formalize partnerships with investors and clarify management roles.
• Investors: Protect your investment with clear terms on liability and profit sharing.
• Business Owners: Establish a legally binding agreement that outlines responsibilities and financial arrangements.

How to Use the Template

1. Download the Template
   Click below to access your Limited Partnership Agreement instantly.
2. Customize the Agreement
   Fill in details such as partner names, capital contributions, profit-sharing terms, and management roles.
3. Review and Sign
   Ensure all partners review and agree to the terms before signing the document to make it legally binding.
4. Distribute Copies
   Provide signed copies to all partners for their records and future reference.

FAQs

Q: Is this Limited Partnership Agreement legally binding?
Yes, once signed by all partners, the agreement becomes a legally enforceable document.

Q: What’s the difference between a general partner and a limited partner?
A general partner manages the business and has full liability, while a limited partner contributes capital but has limited liability and minimal management involvement.

Q: Can this agreement be customized for different types of businesses?
Yes, the template is flexible and can be tailored to suit any industry or business structure.

Q: What happens if a partner wants to leave the partnership?
The agreement includes exit strategies and procedures for partner withdrawal, ensuring a smooth transition.