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Illinois Uniform Partnership

Illinois Uniform Partnership

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welcome to learn about law my name is Kevin o Flaherty from O'Flaherty law and today we're going to talk about how to form a limited partnership in Illinois let's first talk about what a limited partnership is and some of its benefits and drawbacks so a limited partnership is at least two people doing business together one has to be a general partner the other a limited partner the general partner is the person responsible for actually managing the the business the limited partner is a silent investor who does not have any management powers the general partner is fully liable for all of the debts and liabilities of the corporation the limited partner unlike in a in a standard partnership the limited partner will not be liable for the debts of the corporation so they won't be personally liable for corporate debts so taxes passed through directly through the partnership to the general partner and limited partners income tax returns so it's not taxe

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