Limited Partnership Associations are created by filing “Articles of Association” with the Colorado Secretary of State.
Advantages — The main difference between a limited partnership association and a partnership or limited liability partnership is that the association has an indefinite life. Its existence terminates upon the affirmative vote of all of its members or as otherwise provided in the bylaws and by filing articles of dissolution with the Colorado Secretary of State. The association’s existence does not terminate upon the disassociation, death or bankruptcy of a partner. LLCs may convert to LPAs in the same fashion that they could convert to partnerships or limited partnerships under the Limited Liability Company Act.
Disadvantages — LPAs must have two or more persons as members of the business. This structure is new and at this time there are few interpretive guidelines.
For more information https://mybiz.colorado.gov/intro.