How to Form a Limited Partnership in Illinois

Article written by Illinois & Iowa Attorney Kevin O’Flaherty

In this article, we explain how to form a limited partnership in Illinois. We address the following:

• What is a limited partnership in Illinois?
• What are limited partnerships used for in Illinois?
• What are the requirements for a limited partnership in Illinois?
• What paperwork is needed to form a limited partnership in Illinois?
• Benefits and disadvantages of limited partnerships in Illinois

What is a limited partnership in Illinois?

Partnerships are a common formed business structure in Illinois. The main difference between a limited partnership and a general partnership is that it allows for both limited and general partners. While a limited partner invests in the company, a general partner oversees day to day operations.

What are limited partnerships used for in Illinois?

Because of the risks a limited partnership can pose to its general partners, the entity is not recommended for long standing businesses. Instead, limited partnerships are great for short-term projects, like family estate planning and film production…