Form KNP Certificate of Limited Partnership

Instructions and help about Form KNP Certificate Of Limited Partnership

Terminating other than for electing termination that says the partnership terminates when the following occurs. The business and financial operations are discontinued. The business is reduced to one partner. Or 50 percent or more of the partnership interest change hands within a year, within a 12 month period. A couple of other types of partnerships, and we talked about a partnership, the word we'll learn down the road is a general partnership, where we're all general partners. We're going to learn in business structures about limited partnerships and then also LLPs, LLCs. What is an LLC, it's a limited liability company. And it's kind of like a partnership as far as tax purposes. It could be taxed as a corporation, it could be taxed as an individual proprietorship, schedule C. Usually it's taxed as partnership if you have more than one member. It says, unless members elect otherwise an LLC is taxed as a flow-through entity, if there is one member only then it is more of a sole propri