Limited partnership: Difference between revisions
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A '''limited partnership''' is a form of business ownership. It involves two or more people, more specifically known as partners. At least one partner involved in the business will have unlimited liability. This general partner is personally and legally responsible for all debts incurred in the name of the partnership. The limited partner, on the other hand, has limited liability. That is, limited partners are only financially responsible up to the amount they have contributed to the business. Limited partners are not actively involved in the management structure of the business. | A '''limited partnership''' is a form of business ownership. It involves two or more people, more specifically known as partners. At least one partner involved in the business will have unlimited liability. This general partner is personally and legally responsible for all debts incurred in the name of the partnership. The limited partner, on the other hand, has limited liability. That is, limited partners are only financially responsible up to the amount they have contributed to the business. Limited partners are not actively involved in the management structure of the business. | ||
Other topics to be discussed include: | |||
'''Distinction Between and Limited Partnership and General Partnership''' | |||
'''Advantages and Disadvantages''' | |||
'''The Partnership Agreement''' | |||
'''Transferring Limited Partner's Ownership''' | |||
'''Dissolution of the Partnership''' | |||
Revision as of 19:18, 12 February 2008
A limited partnership is a form of business ownership. It involves two or more people, more specifically known as partners. At least one partner involved in the business will have unlimited liability. This general partner is personally and legally responsible for all debts incurred in the name of the partnership. The limited partner, on the other hand, has limited liability. That is, limited partners are only financially responsible up to the amount they have contributed to the business. Limited partners are not actively involved in the management structure of the business.
Other topics to be discussed include: Distinction Between and Limited Partnership and General Partnership Advantages and Disadvantages The Partnership Agreement Transferring Limited Partner's Ownership Dissolution of the Partnership