What is a mandatory requirement for a limited partnership?

A limited partnership is defined by its structure, which involves at least one general partner and one limited partner. The creation of a partnership agreement is essential, as it establishes the terms and conditions under which the partnership will operate. This agreement outlines the rights and responsibilities of the partners, including the management responsibilities of the general partner and the extent of liability for the limited partners.

In contrast, while filing annual reports may be a requirement for certain types of businesses, it is not a fundamental aspect of forming a limited partnership. Similarly, although having at least one managing partner is necessary—since the general partner manages the partnership—it is the partnership agreement that formalizes the relationship and conditions between partners. Registration with all shareholders is not applicable in the context of a limited partnership, as that phrase would relate more to corporate structures rather than partnerships. Therefore, the partnership agreement is the cornerstone document that fundamentally defines the partnership, making it a mandatory requirement.