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Limited Partnership Agreement

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This Limited Partnership Agreement creates a limited partnership, and describes the rights and responsibilities of the general partners and the limited partners. In limited partnerships, the general partners actively manage the affairs of the business, share the profits in predefined proportions, and are jointly and severally liable for the partnership's debts. The limited partners are passive investors and have no role in management. This document contains numerous standard provisions that are commonly found in limited partnership agreement and may be customized to fit the specific needs of the individuals. It can be used by individuals who wish to create a limited partnership, or who wish to modify an existing limited partnership.

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