A limited partnership is a cross between a partnership and a corporation that allows some investors, the "limited partners," to benefit from limited liability without having to incorporate. On the other hand, the managing partner, referred to as the "general partner," is responsible for overseeing the management of the business and is liable for any operating losses. In order to preserve their limited liability status, limited partners are prohibited from intervening in the management of the business.

We recommend using this template for an entrepreneur who is seeking investors for its business, but does not wish to become burdened by the procedures and formalities related to incorporation.

It should be noted that this template is drafted specifically for a private limited partnership, meaning that the only contributions to the partnership are provided by the limited partners, whereas in the case of a public limited partnership, the partners can issue an initial public offering to obtain capital contributions.

RECITALS
0.00 INTERPRETATION
0.01 Definitions
0.01.01 Activities
0.01.02 Agreement
0.01.03 Breach
0.01.04 Certificate
0.01.05 Contributions
0.01.06 Declaration
0.01.07 Financial Year
0.01.08 LIMITED PARTNER
0.01.09 Limited Partnership
0.01.10 Loss
0.01.11 Ordinary Resolution
0.01.12 Special Resolution
0.01.13 Unit(s)
0.02 Entire Agreement
0.03 Applicable Law
0.04 Non-Compliance
0.04.01 Severability
0.04.02 Substitute Provision
0.05 Miscellaneous
0.05.01 Cumulative Rights
0.05.02 No Waiver
0.05.03 Time and Days
0.05.04 Accounting Standards
1.00 FORMATION OF LIMITED PARTNERSHIP
1.01 Formation
1.01.01 Purpose
1.01.02 Contributions
1.02 Registration Declaration
1.02.01 Undertaking
1.02.02 Content of Declaration
1.03 Registration Renewal
1.04 Capital
1.05 Subscription
1.06 Registered Office
2.00 RULES GOVERNING LIMITED PARTNERSHIP
2.01 Management of Limited Partnership
2.02 Banking Matters
2.02.01 Bank Accounts
2.02.02 Authorized Signatories
2.02.03 Use of Monetary Contributions
2.03 Corporate Records
2.03.01 Register of Units
2.03.02 Rights of Registered Holder
2.03.03 Other Documents
2.03.04 Access
2.04 Capital Account
2.05 Unit Certificates
2.06 Sharing of Income and Losses
2.06.01 GENERAL PARTNER's Share
a) Income
b) Losses
2.06.02 LIMITED PARTNERS' Share
a) Income
b) Losses
2.06.03 Calculations
a) Accounting Purposes
b) Tax Purposes
2.06.04 Distribution of Profits
2.07 Tax Deductions
2.08 New Issue of Units
3.00 MUTUAL REPRESENTATIONS AND WARRANTIES
3.01 Status
3.02 Authority
3.03 Binding Agreement
4.00 REPRESENTATIONS AND WARRANTIES OF GENERAL PARTNER
4.01 Resources
5.00 REPRESENTATIONS AND WARRANTIES OF LIMITED PARTNERS
5.01 Activities
6.00 MUTUAL DUTIES AND OBLIGATIONS
6.01 Continuation of Representations and Warranties
6.02 Indemnification
6.02.01 Scope
6.02.02 Procedure
6.03 Further Assurances
7.00 DUTIES AND OBLIGATIONS OF GENERAL PARTNER
7.01 Powers and Duties
7.02 Expenses
7.02.01 Operating Budget
7.02.02 Additional Expenses
7.03 Rendering an Account
7.04 Liability
7.04.01 Towards Third Parties
7.04.02 Towards LIMITED PARTNERS
7.05 Indemnification of LIMITED PARTNERS
7.06 Conflicts of Interest
7.06.01 Disclosure
7.06.02 Competing Businesses
7.07 Duty of Diligence
7.08 Contributions
8.00 LIMITED PARTNERS
8.01 Administration
8.02 Meetings
8.02.01 Annual Meeting
8.02.02 Special Meeting
8.02.03 Place of Meetings
8.02.04 Proxies
a) Appointment
b) Validity
c) Models
8.03 Calling of Meetings
8.04 Procedure at Meetings
8.04.01 Quorum
8.04.02 Quorum Not Met
8.04.03 Ordinary Resolution
8.04.04 Voting Rights
8.04.05 Special Resolution
8.04.06 Filing of Proxies
8.04.07 Chair
8.04.08 Written Resolution
8.05 Additional Capital Contributions
8.06 Limited Liability
8.06.01 Limitation
8.06.02 Loss of Limited Liability
9.00 WITHDRAWAL FROM LIMITED PARTNERSHIP
9.01 Withdrawal of GENERAL PARTNER
9.01.01 Resignation
9.01.02 Removal
a) Meeting
b) Reasons
9.01.03 Replacement
9.01.04 Transition
a) Amendment to Agreement
b) Transfer of Knowledge
9.01.05 Termination of Rights
9.02 Withdrawal of LIMITED PARTNER
9.02.01 Resignation
a) Notice
b) Sale of Units
c) Limit to Right to Purchase
d) Transfer Restriction
9.02.02 Forced Withdrawal
10.00 THIRD-PARTY OFFER TO PURCHASE
10.01 Application
10.02 Validity of Offer
10.03 Notice of Acceptance and Disclosure of Third-Party Offer
10.04 Reply of Other LIMITED PARTNER
10.04.01 Notice of Intent
10.04.02 Final Notice
10.05 Amendment to Offer
11.00 DEATH OF A PARTNER
11.01 Death of GENERAL PARTNER
11.01.01 Notice of Death
11.01.02 No Other GENERAL PARTNER
11.02 Death of a LIMITED PARTNER
11.02.01 Effect
11.02.02 Deemed Sale
11.02.03 Payment
a) Price
b) Insurance Proceeds
i) Sufficient Proceeds
ii) Insufficient Proceeds
11.02.04 Two Deaths
11.02.05 Protection of Estate
a) Share of Distributable Net Income
b) Indemnification
c) Release
d) Precedence
12.00 VALUATION OF UNITS
12.01 Initial Value
12.02 Valuation Method
12.03 Regular Reassessment
12.04 Sale of Units
12.05 Prohibition
12.06 Tax Authorities
12.06.01 Liability
12.06.02 Options
12.06.03 Limitations
13.00 FINANCING
13.01 Life Insurance Policies
13.01.01 Initial Policy
13.01.02 Additional Policies
13.02 Duties of LIMITED PARTNERS
13.02.01 Payment of Premiums
13.02.02 Prohibition
13.02.03 Additional Protection
13.02.04 Change to Insurance Coverage
13.02.05 Sale upon Death
a) No Insurance Proceeds
b) Ownership of Excess Amounts
13.03 Sale of Units
13.04 End of Agreement
14.00 SPECIAL PROVISIONS
14.01 Assignment
14.01.01 Prohibition
14.01.02 Effect of Breach
14.01.03 Exception
14.02 Remedies
14.02.01 Choice
14.02.02 No Limitations
15.00 GENERAL PROVISIONS
15.01 Notice
15.02 Dispute Resolution
15.02.01 Written Notice and Meeting
15.02.02 Mediation
15.02.03 Arbitration
15.03 Choice of Forum
15.04 Amendment
15.05 No Waiver of Rights
15.06 Language
16.00 TERMINATION
16.01 Without Notice
16.01.01 Events of Default
16.01.02 Exceptions
16.02 Liquidation of Limited Partnership
16.02.01 Liquidator
16.02.02 Duties
a) Liquidation and Distribution
b) Powers
16.02.03 Remuneration
16.02.04 Obligations of Liquidator
17.00 EFFECTIVE DATE
18.00 DURATION
18.01 Initial Term
18.02 Renewal
18.03 Survival
19.00 SCOPE

SCHEDULE 1.01.02 – CONTRIBUTIONS
SCHEDULE 1.05– SUBSCRIPTION FOR UNITS
SCHEDULE 12.01 – INITIAL VALUE OF UNITS
SCHEDULE 12.02 – VALUATION METHOD
SCHEDULE 13.01.01 – LIFE INSURANCE POLICIES