GP is a partnership formed by two or more individuals or entities, with ownership and responsibilities shared by the partners. GP does not need to raise funds from the public, nor does it need to be listed on the stock exchange, and therefore does not require public market participation. According to US law, GP does not need to designate a legal representative, nor do they need to have locals serve as directors, but some states may require the designation of a corporate secretary. The minimum capital requirements also vary by state, but typically do not require verification of capital.