goodcounsel smoothly and efficiently handles all aspects of entity formation and agreement drafting for limited liability limited partnerships (LLLP’s), for a fixed fee.
Our fee covers the following services (including state filing fees):
- Drafting and filing the Certificate of Limited Partnership with the Illinois Secretary of State
- Drafting the Limited Partnership Agreement (LPA)
- Distribution of final LPA for electronic signature
Expedited formation service is available at a small additional cost.
The LPA has two standard versions to choose from. The “preferred return of capital” version requires all cash distributions to be paid first to the partners, until an amount equal to their investment capital is returned, after which distributions are made in accordance with ownership percentages. The “back-end return of capital” version calls for operating cash flow distributions to be paid in accordance with ownership percentages, with original partner capital paid back upon a liquidation of the partnership or a sale of its assets. Customized versions of the LPA are also possible, with drafting handled at goodcounsel’s standard hourly rates.
National Registered Agents, Inc. (NRAI) will be set up to serve as the registered agent for the partnership. Goodcounsel clients receive a discounted annual rate, which is billed directly by NRAI.
Goodcounsel is also here to assist with any other corporate needs you may have, which can often be handled by our experienced paralegals at a less costly hourly rate.
We are ready to form your LLLP. Contact us when you are ready to begin.