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What is a limited partnership? (New Business Checklist)

This type of organization differs in one significant way from a normal partnership in that it allows for two types of partners. There are general partners who are considered the owners and managers. Then there are limited partners who are not involved in the day-to-day business and have only a limited liability. This form of organization is often used when there are individuals who want to invest money in a business, but don't want to run it. These people become limited partners and, unlike the general partners, they generally are not liable for more than their investment in the business.

A Limited Liability Partnership is similar to a Limited Partnership. Talk to your attorney for more information about this type of organization.

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