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Limited partnership (LP) - Komanditsabiedriba (KS)

A limited partnership is a partnership the aim of which is doing business by two or more persons joining together based on the partnership agreement provided that the liability of at least one member of the partnership towards creditors is limited according to the amount of his or her investment, but the liability of other personally liable members of the company (complementary partners) is not limited. Latvian LP is registered in the Commercial Register. The application must include the name, surname, personal ID number, address of the place of residence of every member of the partnership or in case of a legal person, a name, registration number, registered address, name and registered address of the company, information on type of company and types of business activities pursued, amount of total investments and the amount of the limited partner’s investment. Limited partners do not have the right to participate in record-keeping of the limited partnership, as well as to object to a complementary action. After taxes on partnership level in Latvia the profit and losses are divided amongst members in proportion to their investments in the company. A limited partner is liable only with its capital share; complementary partners are liable for all other loses in proportion to invested capital shares with their whole property.

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