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| What is a Limited Partnership? |
| A
limited partnership is an investment vehicle that consists of two
or more people who jointly own and operate a business or investment
for profit. A limited partnership has one or more "general partners"
that are responsible for the management of the partnership and have
unlimited legal liability. Their personal assets may be at risk and
they are personally liable for business debts and liabilities of the
partnership. The balance of the membership of a limited partnership
is made up of limited partners, whose liability is limited to the
extent of their investment in the partnership. A partnership agreement is drawn up at the inception of a limited partnership and it states the terms and conditions on which the partnership will operate. Limited partners usually have no practical means of causing the partnership, and their investment in it, to end. It is up to the general partner to decide if, and when, to sell the partnership's holdings and wind up the investment. The "K-1" is the IRS form sent by the general partners to all the limited partners recapping their distributions and financial status in the partnership for each tax year. The K-1 is a complicated form that must be filed along with a partner's regular taxes each year. Late receipt of a K-1 very often causes delays and higher costs for tax return preparation and filing. Limited Partnerships were very popular investments in the 70's and 80's. Today, some are liquidating, while many could continue for years. It is becoming increasingly difficult for the small individual investor to keep tabs on his/her investment or even receive communication from the general partner on how the limited partnership is doing. For this reason, many private investors have chosen to sell their units to investment companies or to individual investors who "collect" limited partnerships. Everest will purchase units without sales fees or commissions typically charged by sales intermediaries. Everest would be glad to answer any other general questions you may have regarding limited partnerships. Everest has assisted over 50,000 investors liquidate their interests in over 500 different limited partnerships. We offer a simple, commission-free solution to the sale of partnership interests that can often seem to be a distressing and complicated process. Please don't hesitate to contact us if we can be of help. |
| Would you like to sell your limited partnership interests or simply receive a quote? |
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Click here to receive a quote or an offer on your partnership interests. Call
Stacey McClain at 800-611-4613 Or
Contact us at: 626-585-5920
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