Limited partnership: Difference between revisions
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A '''limited partnership''' is a form of business ownership. It involves two or more people, better known as partners. At least one partner involved in the business has unlimited liability. This general partner is personally and legally responsible for all debts incurred in the name of the partnership. The limited partner(s), on the other hand, has limited liability. More specifically, limited partners are only financially responsible up to the amount they have invested in the business. Generally, limited partners are not actively involved in the management of the business. | A '''limited partnership''' is a form of business ownership. It involves two or more people, better known as partners. At least one partner involved in the business has unlimited liability. This general partner is personally and legally responsible for all debts incurred in the name of the partnership. The limited partner(s), on the other hand, has limited liability. More specifically, limited partners are only financially responsible up to the amount they have invested in the business. Generally, limited partners are not actively involved in the management of the business. | ||
Revision as of 01:22, 19 February 2008
A limited partnership is a form of business ownership. It involves two or more people, better known as partners. At least one partner involved in the business has unlimited liability. This general partner is personally and legally responsible for all debts incurred in the name of the partnership. The limited partner(s), on the other hand, has limited liability. More specifically, limited partners are only financially responsible up to the amount they have invested in the business. Generally, limited partners are not actively involved in the management of the business.
Other topics to be discussed include:
Distinction Between Limited Partnership and General Partnership
Advantages and Disadvantages
The Partnership Agreement
Transferring Limited Partner's Ownership
Dissolution of the Partnership