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Strategies & Market Trends : Investment Limited Partnerships

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To: Michael Burry who wrote ()	3/29/1999 1:49:00 AM
From: peter michaelson	Read Replies (1) of 6

Michael: What's to know about L.P.'s? They're very simple, but have been supplanted by L.L.C.'s, for the most part. The reasons L.P.'s exist include (1) limited partners are protected from liability as opposed to partners in a general partnership, (2) partnerships do not pay taxes, as opposed to most corporations, (3) L.P.'s allow unequal distribution between Limited and General Partners, which G.P.'s do not. We use them all the time in our real estate businesses. Might be a different split of profits in the Investment L.P., but you can write more or less anything you want into the document. Easiest place to start is with a sample Partnership Agreement, which any lawyer should be able to give you. I'm not a lawyer, but if there's anything I can do to assist, let me know. Peter

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