Georgia Limited Partnership Definition
Georgia Limited Partnership
DEFINITION
DEFINITION
A Georgia Limited Partnership (LP) is composed of general partners and limited partners. An LP allows limited partners to invest in the business and take a share of the profits without becoming personally liable for partnership debts and obligations. A general partner has unlimited liability. An LP pays no entity-level income tax or net worth tax. Instead, each partner is taxed directly upon his or her share of the profits.
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Arizona Member
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