A limited partnership contract is a business document drafted when two individuals or organizations enter into a partnership deal where one of them is a general partner and the other partner is a limited partner. The contract acts as documentary evidence stating which partner has limited liability as well his authority in the business.
Sample Limited Partnership Contract
Limited Partnership Contract Number: LP 3456
Effective date of contract: 15th of December 2011
This limited partnership contract has been drafted and entered into between Fan Woo referred to as the general partner and John Smith referred to as the limited partner. As per the contract both the partners will be entering into limited partnership where they will be forming an organization by the name of:
ABC Private Limited.
With the principal business address being:
34 Rocky Mountain Road,
New York, New Jersey 4567.
The terms and conditions to be followed are as follows:
- The general partner has complete authority over the firm and will bind the limited partner with the third parties. The limited partner cannot negotiate a deal with the third parties or the clients directly.
- The partnership will commence from the date 15th of December 2011 and will end on 15th of December 2013. The renewal of the contract depends on the mutual consent of both the partners.
- The general partner has to contribute towards seventy percent o the capital. The limited partner will have to bring rest of the capital and will have limited liability.
Signature of general partner: Signature of limited partner:
Fan Woo John Smith