In order to form a limited partnership, Del and Efron must enter into a written agreement that outlines the responsibilities and expectations of each partner. This agreement must identify the partners, the purpose of the partnership, the capital contributions made by each partner, and the respective shares of profits and losses.
Del and Efron must also register the partnership with the appropriate state and local agencies and obtain any required licenses, permits, and business insurance. Limited partnerships are advantageous for business owners because they provide limited liability protection for the partners and a simple way to manage business and tax liabilities.
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