The Limited Partnership – Formed by filing a certificate of limited partnership with the Secretary of State. This is primarily used to raise money from “passive” investors (the limited partners) who will not be active in the business. LPs must have two categories of partners: one (or more) general partners, who are personally liable for all partnership obligations, and one (or more) limited partners, who have no liability for partnership debts.
Limited liability – investors’ liability is limited to their respective investments in the partnership.
Separate entity – may sue and be sued, own property, protect its limited partners from unlimited liability, may raise capital by selling interests in the partnership, borrow money and exist independently of its partners’ mortality.
Management authority – managed by the general partner and not subject to decision making by limited partners.
Profits and losses may be allocated unequally among partners, so as to distribute tax benefits favorably.
Excellent vehicles for estate planning purposes, when used properly.
Accounting and tax law very complex. Tax professional required.
Limited life – does not live in perpetuity, but lives for a stipulated period usually for the economic life of the assets its owns.
Lack of control – limited partners have no voice in management once the investment is made in the partnership.
Securities regulation – to raise money requires securities registration if offered to the public and advertising or solicitation is used to attract investors.
Terminating a partnership may result in tax liability for the partners.
A partnership is a tax-reporting entity (IRS Form 1065) separate from its owners, but it is not a federal tax-paying entity. Instead, a partnership’s profits or loss passes through to the individual partners. Each partner must report his share on an individual Form 1040 tax return.
What is a Limited Liability-Limited Partnership?
A Limited-Liability Limited Partnership is a limited partnership that registers under state law so the general partner will have limited liability, similar to the limited partners. The LLLP is becoming a popular alternative to forming an LLC in those states that allow foreclosure of an owner’s business interest, and forced liquidation of the business, by the owner’s personal creditors.
Thank you for your informative, engaging, and very valuable presentation at the ANN Reno Conference for Nonprofits. "The Keys to Successful Nonprofit organization will be critical to the success of our fledgling nonprofit.
Your presentation style is extremely effective and furthered networking among those attending the conference, Thank You!
I appreciate your generosity in sharing your time and expertise with us at the conference.
For six years we have listened, learned and implemented all of your strategies and advice. I can’t even begin to tell you how fantastic it is to actually see the results we have produced and are getting closer and closer to our financial freedom day.
Forrest & Anna Cummings, Silver Springs NV
I can honestly say that when you speak you have such an amazing ability to make everyone in the room feel comfortable. You are open, honest, funny and brilliant! It is a delight to learn from you and I always walk away with a new ah ha!
Doug Hixson, Reno NV
My wife and I took the class on the Language of Money last Saturday and heard you speak. To be honest with you, both my wife and I wished that you had done the entire class! We found the info you had presented both interesting and hopeful that there is something we can do to protect our business and our money from getting consumed by the IRS.
Steve & Christine Sanders, Sacramento CA
I wish that I could move the clock back 10 years so that I could work as an intern under Cheri S. Hill.
Zenzo Tazawa - Santa Rosa CA
I read Incorporate and Grow Rich in 2005 and took advantage of Sage International’s services to create www.transguardian.com, an online logistic and insurance management corporation. We went from bootstraps capitol in a spare room to a downtown office with revenue of seven figures in three years. We have always had complex needs, and Sage has always had intelligent, innovative and highly practical answers. Now with double digit growth in spite of an adverse economy, our questions are even more complex and sophisticated, and Sage continues to offer solutions that are flexible, workable and creative as we are. We’ve sent perhaps a dozen clients to Sage over the last few years, and, without exception, everyone of them has thanked us profusely for the recommendation.
I cannot tell you how much I enjoyed listening to your and Pragito's insights and advice. It really spoke to my heart, and gave me some awesome tools to use to overcome my fears and negative thoughts about my ability to make this new business work, and fulfill my dream of having a more flexible schedule to spend more time with my family. I have signed up for her newsletter.
Northern Nevada Metro Woman
Cheri, I can’t express enough how much I appreciate your time, energy, and knowledge. Your support of ProNet Reno is nothing less than phenomenal.
Dear Cheri, I wanted to thank you for speaking at the Sparks Power Players. I have to say that most of the meetings I have gone to for other organizations are usually very boring and do not pertain to me, but today was great! I got so much out of the material that you presented to us. I want to thank you for your passion and heart for helping companies not only survive, but thrive. I am very excited to apply what I learned today to our business and see the results. Again thank you for your time.
I loved your article in the Northern Nevada Business Weekly about "Sparking Creativity". You make some really great points about the importance of investing in your creative core.
For years I have followed the Artists Way and all the books by Julia Cameron, you must be familiar with her work. As an Interior Designer, I love that I am rewarded for my creative ideas and designs.
Your article made me smile, gave me some great ideas about how to live a creative life and I wanted to thank you.
I received my minute book and had Danielle give me a walk through. I gave her 5 stars afterwards and One Bravo!
Cheri, I give out Few Roses, however in your case you get a Dozen ! I am really looking forward to working along with you in the very near future . Thank you from the bottom of my Dinosaur Heart.