Legal Corner


-List Your Site Here! -- Targeted Advertising For Just Pennies A Day! -Tell A Friend - Bookmark This Page

LegalCornerTM - Partnerships F.A.Q.'s

Find A Lawyer
Law Area:
 

State:
 

 
Search

Search:

Search By:

--Back

Q.What is a limited partnership?

A.A Limited Partnership is a general partnership with: 1) one or more "limited" partners who do not participate in the management and control of the business (like an investor); and 2) one or more "general" partners who actively control or manage the business. The general partners of a limited partnership will be personally liable for the partnership's debts and obligations. The limited partners of a general partnership, however, will have limited liability protection from the business debts and obligations of the partnership.

Unlike a general partnerships which can be formed orally and require no filings with the state, a Certificate of Limited Partnership generally must be filed with the state, together with a state filing fee. In addition, the assignment, death, bankruptcy or withdrawal of a limited partner generally will not cause the partnership to dissolve. In most other ways, limited partnerships are similar to general partnerships.




Copyright 1999-2018 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.