Maryland Articles of Limited Partnership (LP)

Articles of limited partnership are the legal documents filed with the secretary of state or equivalent office to officially form and register a limited partnership (LP) business entity. The articles typically include the following key information:

1. Name of the limited partnership
2. General nature of the business and its purposes
3. Address of the principal office or place of business
4. Address of the registered agent
5. Names and addresses of the general partner(s) who will manage the LP
6. If the LP has a defined term or duration, the latest date of dissolution
7. Other provisions required by the state's limited partnership act

Once the articles are filed and approved, the legal entity officially exists and can operate. Unlike the private partnership agreement that governs internal operations, most states make articles of limited partnership a matter of public record.

Forming a limited partnership has many important benefits, including:

• Limited Liability: Protects the personal assets of limited partners.
• Pass-Through Taxation: Avoids double taxation by passing income directly to partners.
• Attractive to Investors: Allows passive investors to participate without managing the business.
• Flexibility: LPs offer flexibility in the allocation of profits and losses among partners, which can be customized in the partnership agreement.

Fast Facts for Maryland Limited Partnership

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Appointing a Registered Agent for an LP

Appointing a Maryland registered agent is a vital step in forming your limited partnership. A registered agent is a business’s legal appointee to receive notice of lawsuits and other legal or government notices during regular business hours. State law requires every limited partnership to have a registered agent. If you want to outsource this responsibility to experts, sign up for our Registered Agent Service.

If you want more information about articles of limited partnership in another state, click the link below.