Mississippi Limited Partnership Definition
Mississippi Limited Partnership
DEFINITION
The Mississippi Limited Partnership (LP) is a partnership with two levels of partners: general partners and limited partners. A
general partner makes the business decisions and controls the business. The limited partner has a stake
in the company, usually through an investment of capital, but has limited control over business
decisions. A Certificate of Limited Partnership must be filed with the Secretary of State.
General partners are personally liable for the debts and obligations of the partnership. Limited partners
are only liable to the extent of their investment in the company. Earnings for all partners are generally
taxed as personal income
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