Alaska Limited Partnership Definition
Alaska Limited Partnership
DEFINITION
An Alaska limited partnership is a form of partnership which consists of one or more limited partners AND one or more general partners. The general partner and limited partner is a “person” (individual or entity) admitted to an LP. The general partners make the management decisions and control the LP. The limited partners are limited to their own investment in the LP. The limited partners may only participate marginally in the business. If the limited partners participate too much in the running of the business they may lose limited partnership status. A partner may withdraw from the LP without subjecting the entity to automatic dissolution. The general partners assume all of the risk, debts and liabilities of the LP. The limited partners only risk their financial contribution. Limited liability does not shield owners of the LP from the general partner, limited partner or the LP’s negligence liability
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