Limited Partnership

July 16th, 2009 |

Author: 1203Broadway

Limited partnerships must have at least one general partner who is responsible for all debts, liabilities and other obligations of the partnership and one or limited partners. The liability of the limited partners is usually limited to the amount that each partner has invested or agreed to invest in the partnership. A limited partner should not take an active role in the business. By taking an active role, a limited partner may become personally liable for the partnership debts and obligations.

Posted in Business Law, Terminology

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