Legal Question in Business Law in California

Re: Time to activate a limite partnership

Generally speaking, investments in a limited partnership are governed by the subscription agreement and other documents signed by the parties at the time the investment is made. We must presume from your question that there are no such written agreements in your case.

Your question is unclear as to whether the limited partnership was in existence at the time you invested your money. Under the California Corporations Code, a limited partner has certain limited rights to information from the general partner of a limited partnership.

If the promoters fof a limited partnership to be formed took your money with the promise that other investors would invest a minimum amount of capital, and that capital has not been raised within a reasonable period of time, you should request the return of your money. If the limited partnership was in existence when you invested, you should request a copy of the Form LP-1 -Limited Partnership Certificate, together with all financial statements and tax returns generated by the partnersip.

You may also have the right to recover your investment under Federal and/or state securities laws, depending on how the investment was solicited from you. To find out more, contact us through our website @ www.labusinesslawyer.com

Re: Time to activate a limite partnership

It depends upon the partnership agreement. If you invested in May 1999 and it has been over a year with no information I would be very suspicious. You should contact the partners and find out what has been going on.

Additionally, depending on the type of partnership (general or limited) you may have liability exposure for actions taken on behalf of the partnership. You will definitely want to move quickly to investigate this matter.

This is something that I can handle on your behalf if you are interested in legal representation.

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