TN 12 (09-90)
RS 01802.302 Limited Partnerships
A limited partnership is created in accordance with State statutory requirements.
One or more general partners, with unlimited liability and vested control of the management of the business.
One or more limited partners, (also called special partners, or in Louisiana, partners in commendem.)
Limited liability of limited partners.
No management responsibilities of limited partners.
After 01/01/78, income derived as a limited partner is not NESE, except for guaranteed salary payments. See RS 01802.375.
Request a copy of the certificate of registration. when there is a question as to whether someone is a limited partner. Most States require notice to the public of the formation of a limited partnership. Notice is usually given by the filing of a certificate with specified State or county officials.