How to Start a Limited Partnership LP in 2024 (Step-by-Step)

Get a registered agent for your Limited Partnership (LP) with Northwest Registered Agent for $125 (exclusive deal):
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In this video, I go over everything you need to know about starting a Limited Partnership (LP) in 2024. I explain what an LP is, the pros and cons of forming one, and a step-by-step guide on how to get it set up.
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Be sure to watch the entire video to learn all the important steps involved in forming an LP, including registering with the Secretary of State, obtaining an EIN number, and maintaining compliance. Overall, an LP limits the liability of investors (limited partners) while giving general partners more control over the business.
Considering forming an LP? This video is a great resource to get you started. The video also covers some of the drawbacks of LPs, like the fact that general partners have unlimited liability. You'll also learn how to use a service like Northwest Registered Agent to simplify the process.
If you want to learn more about business formation and registered agents, be sure to check out my other videos:
Business Formation Playlist:
• How to Set Up an S Cor...
How to File a BOI Report for Your LLC (Step-By-Step):
• How to File a BOI Repo...
Should You Be Your Own Registered Agent? (Explained):
• Should You Be Your Own...
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-Sam
#LimitedPartnership #LLC #Business
Timeline:
0:00 - Intro
0:16 - What Is A Limited Partnership?
0:35 - Why Create A Limited Partnership?
1:16 - Pros And Cons of Having a Limited Partnership
2:10 - 1st Step: Register With The Secretary Of State
2:59 - Hire A Registered Agent
3:45 - Northwest Registered Agent Walkthrough
6:19 - 2nd Step: Draft And Execute Partnership Agreement
6:40 - 3rd Step: Maintain Compliance
7:14 - 4th Step: Obtain EIN
7:39 - 5th Step: Pay Taxes/Fees Required
8:34 - Outro
Disclaimer: Some of the links above may be affiliate links, which means that if you click on them, I may receive a small commission. The commission is paid by the retailers at no cost to you, and this helps to support our channel and keep our videos free. Thank you! All info from our videos is compiled from online sources and our own experience, and we encourage you to do your own due diligence. We appreciate your viewership!
In addition, we are not a financial advisor. StartupWise does not provide tax, legal, or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your own due diligence before making any financial decisions.

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Hope you guys enjoy the video and get some value from it!
Get a registered agent for your Limited Partnership (LP) with Northwest Registered Agent for $125 (exclusive deal):
startupwise.com/northwestregisteredagent
Our favorite business must-haves:
💳 Best business credit cards: milevalue.com/best-credit-cards/?aff=suw
🏦 Novo (best business bank): startupwise.com/novo
🖥 Best AI website builder ($3/month using code STARTUPWISE): hostinger.com/startupwise
⚙ Northwest (best $39 LLC formation service): startupwise.com/northwestLLC
💰 Payroll with Gusto (get a $100 giftcard!): startupwise.com/gusto
👨💼 Best overseas staffing agency (save 80% on payroll): paired.so/startupwise