Limited Partnership
/ˈlɪmɪtɪd ˈpɑːrtnərʃɪp/
Definitions
- (n.) A partnership consisting of one or more general partners who manage the business and are personally liable, and one or more limited partners whose liability is limited to their investment.
The limited partnership allowed investors to contribute capital without incurring personal liability beyond their investment.
Forms
- limited partnerships
Related terms
See also
Commentary
Limited partnerships combine elements of partnerships and corporations, requiring careful drafting to allocate liability and management roles properly.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.