Similar to a General Partnership except there are additional “limited partners” who have limitations in some aspect, such as liability and decision making within the partnership. To clarify further, two or more partners conduct a business jointly in which one or more of the partners is liable only to the extent of the amount of money that partner has invested.

 

"Our investors have a limited partnership."

 

"A limited partnership isn't the same as a limited liability partnership."

 

"Our limited partnership was administratively dissolved last year and we are now filing for reinstatement as the grounds were eliminated."

 

"Limited partners do not receive dividends, however they enjoy direct access to the flow of income and expenses"

 

"When creating a limited partnership, there are a number of forms to file, at minimum; with state agencies."