Formation. — Guam Code § 27201

Guam Code § 27201 — Formation.. Reproduced from the official Guam Code Annotated, with a citation summary, verification link, and related provisions.

§ 27201. Formation.

(1) Two or more persons desiring to form a limited partnership shall:

(a) Sign and swear to a certificate, which shall state --

i. The name of the partnership.

ii. The character of the business.

iii. The location of the principal place of the business.

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18 GCA BUSINESS S TRUCTURE & FUNCTION

iv. The name and place of residence of each member; general

and limited partners being respectively designated.

v. The term for which the partnership is to exist.

vi. The amount of cash and a description of and the agreed

value of the other property contributed by each limited

partner.

vii. The additional contributions, if any, agreed to be made by

each limited partner and the times at which or the events on

the happening of which they shall be made.

viii.The time, if agreed upon, when the contribution of each

limited partner is to be returned.

ix. The share of the profits or the other compensation by way

of income which each limited partner shall receive by

reason of his contribution.

x. The right, if given, of a limited partner to substitute an

assignee as contributor in his place, and the terms and

conditions of the substitution.

xi. The right, if given, of the partners to admit additional

limited partners.

xii. The right, if given, of one or more of the limited partners to

priority over other limited partners, as to contributions or

as to compensation by way of income, and the nature of such

priority.

xiii.The right, if given, of the remaining general partner or

partners to continue the business on the death, retirement

or insanity of a general partner, and

xiv. The right, if given, of a limited partner to demand and

receive property other than cash in return for his contri

bution.

(b) File the said certificate in the Department of Revenue and

Taxation, in a book to be kept for that purpose open to public

inspection.

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(2) A limited partnership is formed if there has been substantial

compliance in good faith with the requirements of paragraph (1) of this

section.

Source: official Guam text · Last verified 2026-08-27

At a glance

  • Citation: Guam Code Annotated § 27201
  • Jurisdiction: Guam
  • Code: Guam Code Annotated
  • Subject: Formation.
  • Text: transcribed from the official source (verify below)

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It addresses "Formation.". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.

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Nearby provisions in Guam