And like the partners of a capital company, limited partners are only liable for their business debts and obligations up to the extent of their stake in the company. In other words, if a limited partner has invested $1 million in the business, that`s the maximum they can be personally liable for in a lawsuit against the company. If you have very little budget, you can create an entity via LegalZoom or Clerky. These DIY sites work well for starting the business, as creating a unit by filing a foundation certificate or status with a secretary of state is simple. However, they do not work well for partnership agreements, which almost always require significant custom design, which is not done through a system of DIY contracts with models. .