How can I form limited partnership?
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woody
Apprentice
Joined: 17 Dec 2004
Posts: 2
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 Posted: 10/14/08 - 08:33 Post subject: |
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| I was planning to start my own business. I have a good idea and I thought I had enough money for a beginning. But I was wrong. I have a lack of funds. That is why I have decide to invite my friend to join me in this venture. We would be partners. How can I form limited partnership? |
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budd
Apprentice
Joined: 15 May 2007
Posts: 4
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| Posted: 11/13/08 - 01:00 Post subject: |
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| Basically one of you would be general partner and the other one would be limited partner. That means that he will have limited liability. So you will have more responsibilities because you will have unlimited personal liability. Your friend’s liability will depends on how much money he will invest in your firm. |
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