limited partnership
business association in which the financial responsibility of some partners is limited
Limited partnership
A limited partnership is a form of
partnership similar to a
general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs).The GPs are, in all major respects, in the same legal position as partners in a conventional firm, i.e. they have management control, share the profits of the firm in predefined proportions, and have
joint and several liability for the
debts of the partnership. As in a general partnership, the GPs have apparent authority as
agents of the firm to bind all the other partners in
contracts with third parties.
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Limited partnership
Limited Partnership
abusiness organization with one or more general partners, who manage the business and assume legal debts and obligations, and one or more limited partners, who do not participate in day-to-day operations and are liable only to the extent of their investments.
Limited Partnership
A partnership with two kinds of partners: limited partners, who provide financial backing and have little role in management and no personal liability, and general partners, who are responsible for managing the entity and have unlimited personal liability for its debts.
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