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Starting an LP (Limited Partnership)? Started an LP and need to issue partnership certificates that look professional and are easy to use? If yes, then this book is for you! What is an LP (Limited Partnership)? An LP is a legal business structure, with two or more individuals, where at least one person is a "general partner" and at least one person is a "limited partner." The general partner is responsible for the day-to-day operations of the company and is liable for its debts and obligations. The limited partner may or may not be involved with the company's daily operations and has limited liability for its debts and obligations. Owners of an LP are referred to as "partners." What is an LP partnership certificate? An LP partnership certificate is a document that certifies ownership and specifies the number of units or percentage owned by a partner in an LP. While LP partnership certificates aren't required by federal or state law, it is still highly recommended for LPs to use them. Without an LP partnership certificate to show evidence of ownership a partner may have no say or control in how an LP is structured or operates. LP partnership certificates should be issued during the initial meeting of its partners. A partnership transfer ledger must also be used to accurately record partnership transactions whether it is an initial issuance of units or percentage of ownership or any subsequent transfers during the LP's existence. This book contains 20 blank LP partnership certificates (for the use of any LP organized in the state of Alabama), a partnership transfer ledger to record buy-sell transactions of units or percentage of ownership, and bill of sale forms to document the purchase of units or percentage of ownership.