Limited Partnership Definition
Limited Partnership
DEFINITION
DEFINITION
Limited Partnership (LP) is a partnership where at least one partner (the general partner, which may itself be an entity or an individual) has unlimited liability for the LP's debts and one or more partners (the limited partners) have limited liability (which means that they are not responsible for the LP's debts beyond the amount they agreed to invest). Limited partners generally do not participate in the management of the entity or its business. Similar to a General Partnership (GP) that must have two general partners. An LP must have one general partner and at least one limited partner. In a Limited Liability Partnership (LLP), all partners have limited liability.
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Terri J Lee S.
Arizona Member
I originally joined LegalShield because I wanted to get my will completed. However, I have kept my membership because of the value it provides. I feel good knowing that if I have a legal question or if I need help with a legal document, I can contact LegalShield. I would highly recommend this company, and in fact, I have referred some of my friends and family members
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