Arkansas Limited Partnership Definition
Arkansas Limited Partnership Definition
DEFINITION
An Arkansas limited partnership (LP) consists of general partners and limited partners. The general partner(s)
manage the business and usually have no liability protection. The limited partner(s) are usually
investors that are not involved in the day-to-day running of the business and whose liability is
normally limited to the extent of their investment. • Are treated like a partnership by the Internal Revenue Service.
• Are required to file informational returns with the Internal Revenue Service and Arkansas
Income Tax Division.
• Were originally developed for real estate development ventures.
• Are created by filing a Certificate of Limited Partnership with the Secretary of State.
• Must file an annual report with the Arkansas Secretary of State
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