A limited partnership must properly comply with all statutory requirements in order to be effectively formed.

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Limited partnerships are created by filing the necessary paperwork with the state and must meet certain legal requirements, such as having at least one general partner who manages the business and one limited partner who is not involved in day-to-day operations. Failure to comply with statutory requirements can result in the partnership losing its limited liability status and other legal consequences.

A Limited Partnership Must Properly Comply with All Statutory Requirements