North Carolina Limited Partnership Definition
North Carolina Limited Partnership
DEFINITION
A North Carolina Limited Partnership is created by agreement of the partners and compliance with the limited partnership statute, including filing a certificate of limited partnership. Limited partnerships have one or more “general partners” and “limited partners.” The limited partnership is governed by the general partners according to the terms of the partnership agreement. The general partners have unlimited personal liability for the general obligations of the limited liability partnership; however, each general partner’s liability for the professional malpractice of another partner is limited to his or her capital contribution. The liability of limited partners is limited to their capital contributions.
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