Illinois Limited Partnership

$649.95
Price Includes Illinois State Filing Fee!
illinois-limited-partnership
For one low fee of $649.95, your Illinois Limited Partnership is COMPLETE and
INCLUDES Illinois State Filing Fees,
INCLUDES Certificate of Limited Partnership,
INCLUDES Limited Partnership Agreement,
INCLUDES Limited Partnership Seal and Book,
INCLUDES Limited Partnership Minutes,
INCLUDES Limited Partnership By Laws,
INCLUDES Limited Partnership Stock Certificate,
INCLUDES Preliminary Name Search,
and talk to a lawyer to get legal advice at no extra cost!

Lastly, we have a 110% Lowest Price Guarantee
We will NOT be undersold.

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Limited Partnership Options

Limited Partnership Agreement

Your Limited Partnership Agreement is included with your Limited Partnership.

Your Limited Partnership Agreement will:

  • Describe the amount of capital contributions that the partners have to make, how much and when distributions of profits will take place and allocate losses among the partners to minimize tax liability;
  • Ensure compliance with filing requirements with the Secretary of State by mandating an annual report;
  • Provide a framework for the settlement of disputes between partners by allowing mediation and arbitration as a quicker, cheaper method;
  • Prevent a partner from selling his stock to a third party without first offering it to existing partners as a right of first refusal;
  • Provide a framework for the purchase of a Limited Partnership interest by the remaining partner in the event a partner dies with a right of first refusal;
  • Prevent a partner from competing against the Limited Partnership by selling the same products or offering the same services;
  • Require partners to maintain the confidentiality of all customer names and other business records so that partners don't run off with valuable Limited Partnership secrets or intellectual property;
  • Prevent a partner from impairing the goodwill of the Limited Partnership by bad-mouthing the management or financial standing of the business; and
  • Prevent a partner from soliciting customers of the Limited Partnership for new Limited Partnership business.
Obviously, this is a very thorough Contract. It is drafted by our attorneys and used by business owners such as yourself. This agreement is very versatile and an absolute necessity for a Limited Partnership with multiple owners. While the limited partnership agreement is included with your limited partnership, complex Limited Partnerships require additional charges which are available upon request.

Limited Partnership Management Agreement in Illinois

A Limited Partnership may enter into a written Management Agreement between the Limited Partnership and the General Partner. The Management Agreement should be drafted in such a way so that it conforms with the provisions of the Limited Partnership Agreement and, in addition thereto, it will:
  • Spell out the terms of employment, such as the duties, responsibilities and compensation of the General Partner;
  • It states that the General Partner will not compete against the Limited Partnership for a specific period of time after leaving the Limited Partnership;
  • Prohibit the General Partner from disclosing any of the Limited Partnership's business records, computer data, trade secrets, methods of operation, et cetera;
  • Prevent the General Partner from soliciting customers or clients of the Limited Partnership;
  • Prevent the General Partner after leaving the Limited Partnership, from soliciting the Limited Partnership's employees to work elsewhere;
A Limited Partnership Management Agreement is generally used in two situations. The first is when one Limited Partner of a multi-Partner/owner Limited Partnership becomes the General Partner. The other situation is when an individual becomes the General partner who is not a Limited Partnership. This Agreement sets out the duties and responsibilities of the General Partner to the Limited Partnership. The Agreement also covers such topics as compensation, confidentiality, non-compete, check signing, use of Limited Partnership assets and any other topic required by your Limited Partnership. Please bear in mind that this Agreement is customized specifically for your Limited Partnership. Normally, the fee to prepare such a comprehensive agreement of this nature would be $1,500 or more. However, your cost is only $150 if prepared in conjunction with the formation of your Limited Partnership.




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