A limited partnership (LP) has one or many general partner and one or many limited partners. Each general
partner has unlimited liability for the debts and obligations of the business, while each limited partner is
only liable for the amount they invested in the business.
Limited partners are “silent partners” in that they invest money in the business but do not have voting power or control over management decisions. LPs offer great potential for attracting investment capital by adding investors as limited partners.
LPs are a popular business structure for many legal, accounting, and other professional firms. LPs are also common for businesses that work on a project basis for a set period of time such as real estate investments.
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An LP must contain at least one general partner and one limited partner. If you are managing the business in any capacity, you must be a general partner. Only passive owners may be limited partners.