Formation and Dissolution (MN LP)

Summary

This practice note discusses Minnesota state law concerning limited partnerships, including the formation and dissolution of limited partnerships in Minnesota. Limited partnerships consist of a general partner, who has management responsibility and who is liable for the partnership’s debts and obligations, and one or more limited partners, who do not have management responsibility and whose liabilities are generally limited to the amount of their investment in the partnership. Though business entities in the United States can generally be categorized by type, the law concerning each type varies from state to state.