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A partnership is simply a business association of two or more individuals. Unlike a corporation or an LLC, to form a general partnership, there is no filing requirement with the state, although it is still important to contact a lawyer for help in drafting a partnership agreement and various contracts.

A limited partnership is different from a general partnership in that it allows for limited partners to invest in the partnership while still enjoying limited liability. Limited partnerships are especially useful in situations where the partnership wants to attract "passive investors" who will help with financing but have little involvement in the daily operations of the partnership. Unlike a general partnership, filing with the state is required in order to form a limited partnership.

The attorneys at Elliott & Davis are committed to offering you customized service, clear communication, and peace of mind as we guide you through the process of forming a limited partnership. We can also help you use a limited partnership in connection with other business forms, such as LLCs, something that is especially helpful for real estate development businesses.