Limited Partnership (LP) Pre-Formation Considerations

  • Name, address, and marital status of each general partner and limited partner.
  • Name of limited partnership
  • Street address of limited partnership’s designated office in California and other offices
  • Term of limited partnership
  • Scope of limited partnership’s business
  • Business with affiliated entities
  • Financing of partnership’s business
  • Partners’ respective ownership interests in limited partnership
  • Initial capital contributions
  • Additional capital contributions
  • Interest on capital contributions
  • Return of capital
  • Distributions
  • Rights and obligations of partners
  • Allocations
  • Compensation to partners and affiliates
  • Right to reimbursement of expenses incurred in connection with limited partnership’s business
  • Liability and indemnification
  • Time general partners devote to limited partnership business and right of general partners to engage in competing activities
  • Maintenance and accessibility of books and records
  • Tax year
  • Method of accounting
  • Transfers of partnership interests
  • Buy-out rights
  • Terms for admitting additional partners
  • Removal of general partner
  • Events of dissolution
  • Amendments to partnership agreement
  • Dispute and resolution procedures



Getting Legal Help

AXIS Legal Counsel’s Business and Corporations Practice provides legal advice to numerous businesses with a wide range of business matters. Axis  represent small, medium-sized, and large business clients with a wide variety of business and corporate law matters. We represent early-stage companies as well as established businesses on a wide variety of business law matters, ranging from contracts and transactions, intellectual property, labor/employment law, business financing, mergers and acquisitions, real estate, insurance, business succession planning, and general advice and counsel.  For information on retaining AXIS Legal Counsel to represent your business in connection with any legal matter, contact or call (213) 403-0100 for a confidential consultation.


Our Business & Corporations Practice 

Labor & Employment Practice Areas

  • Corporate Law
  • Small Business
  • Contracts & Agreements
  • Labor & Employment
  • Intellectual Property
  • Shareholders
  • Directors and Officers
  • Mergers & Acquisitions
  • Business Sales
  • Business Disputes
  • Securities Law
  • Cryptocurrencies
  • Employment Law
  • Employment Agreements
  • HR Policies and Procedures
  • Independent Contractors
  • Wage & Hour Compliance
  • Paid Sick Leave Compliance
  • Executive Compensation Agreements
  • Stock Option Agreements
  • Minimum Wage & Overtime Compliance
  • FLSA Compliance
  • California Industrial Wage Order Compliance



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