Limited Partnership
From LawDepot Law Library
Definition of "Limited Partnership"
A Limited Partnership is a partnership with one or more general partners and one or more limited liability partners. A general partner actively manages the business and may contribute capital to the partnership. A general partner has unlimited liability for the debts and obligations of the business. A limited partner, however, contributes capital to the partnership but has no active role in running the business. The liability of limited partners is only the amount of capital they contributed to the partnership.
