Fictitious Business Names
Sellers Permit / Resale License
Federal Tax Id
State Tax Id
Simplicity of organization
Allows certain participants limited partners.
Real estate operations usually choose this entity
Allows passive investors to invest in the company without being liable for more than their capital contribution.
A general partner, however remains fully liable if he participates in the day to day operations.
The best way to limit the General Partner's liability is to have corporation as a general partner.
The limited partner is not liable unless he is a general partner and / or participates in the "control" of the business.