Virginia Limited Partnership Definition
Virginia Limited Partnership
DEFINITION
A Virginia Limited Partnership, which is a type of partnership distinct from a general partnership, is formed by two or more persons with at least one general partner and one limited partner. The general partners exercise control over the management of the limited partnership’s business. The limited partners contribute money, property and/or services in return for an interest in the partnership and share in the profits and losses of the limited partnership with the general partners in accordance with a written partnership agreement or, if there is none, the value of the unreturned contributions made by each partner. A limited partnership is an entity distinct from its partners. Generally, the limited partners are not liable for the obligations of the limited partnership. Unless the limited partnership is registered as a registered limited liability partnership, however, each general partner is liable for the obligations of the limited partnership.
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