Limited partnerships (LPs) are a popular business entity for certain real estate enterprises and investment vehicles. For example, housing-complex ownership should be in the form of a limited partnership to gain low-income housing tax credits.
Two classes of owners comprise an LP: 1) general partners and 2) limited partners. General partners operate and control the business whereas limited partners are passive investors who simply share in the business’s profits and losses.
Genesis Law Firm can help you determine whether an LP is right for your business needs. The firm is located in downtown Everett, just a few blocks from the Snohomish County Courthouse.