Limited Partnership (LP) by Evan Tarver

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

Questions answered:

  • What is a Limited Partnership?

Summary:

  • 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.

Follow up links: