Source - https://www.investopedia.com/terms/l/limitedpartnership.asp
TL;DR - A limited partnership consists of a managing general partner and a more removed limited partner.
Helpfulness - 3
Tags - limited partnership, LLC, general partner, SBA
- What is a Limited Partnership?
- An LP consists of two or more partners, including general and limited partners.
- General partners manage the business.
- General partners have unlimited liability for debt, while limited partners have liability for up to their investment.
- States govern LPs under the Uniform Limited Partnership Act (1916).
- The US Small Business Administration lists all relevant permits and licenses necessary to start a business.
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