| Personal Liability of Owners: |
Unlimited |
| Federal Income Tax Treatment: |
Single
level of taxation |
| Permitted Number of Owners: |
Unlimited |
| Permitted Types of Owners: |
No
restrictions |
| Permitted Classes of Ownership
Interests: |
Multiple
classes are permitted |
| Duration of Entity: |
Limited |
| Special Allocation of Tax Items: |
Permitted
if partnership tax treatment applies |
| Centralized Management: |
Managed
by general partners |
| Transferability of Interests: |
Generally
limited by state law and partnership agreement |
| Necessary Documentation: |
Usually
a partnership agreement |
| Regulation of Issue and Sale of
Interests: |
State
partnership laws |
