The legal structure of a limited partnership is outlined in the Uniform Limited Partnership Act 2001. Limited partnerships are comprised of limited (silent) partners and general partners. Limited partners are only responsible for contributing capital towards the enterprise and are only liable for debts up to that amount. On the other hand, general partners are liable with their entire assets, but are fully responsible for running the company. In this regard, a limited partnership can be seen as a hybrid between a partnership and corporation.
This means that the formation of a limited partnership requires at least two partners – one limited partner and one general partner. These can be natural or legal persons, as well as other partnerships. There is no upper limit to the number of shareholders.
One of the advantages of a limited partnership is that there are only a few requirements for its formation. For example, there is no minimum capital requirement – neither for the formation itself, nor for the individual shareholders. In principle, there is also freedom to choose the company name. Personal names can be used, as well as factual or fantasy names. A combination of these components is permitted. Make sure, however, that your company also appears in business operations under the name registered when the limited partnership was founded.