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:
- Uniform Limited Partnership Act, https://www.uniformlaws.org/HigherLogic/System/DownloadDocumentFile.ashx?DocumentFileKey=ba658bd6-ac05-be85-fc99-178fd09f21da&forceDialog=0
- LLC, https://www.uniformlaws.org/HigherLogic/System/DownloadDocumentFile.ashx?DocumentFileKey=ba658bd6-ac05-be85-fc99-178fd09f21da&forceDialog=0
- Limited partner, https://www.uniformlaws.org/HigherLogic/System/DownloadDocumentFile.ashx?DocumentFileKey=ba658bd6-ac05-be85-fc99-178fd09f21da&forceDialog=0
- General partner, https://www.uniformlaws.org/HigherLogic/System/DownloadDocumentFile.ashx?DocumentFileKey=ba658bd6-ac05-be85-fc99-178fd09f21da&forceDialog=0