Deemer Law Group, PLLC HomeLimited Partnership
A limited partnership is composed of one or more persons who control the business and are personally liable for the partnership's debts (called general partners), and one or more persons who contribute capital and share profits, but who cannot manage the business and are liable only for the amount of their contributions (called limited partners).
The chief purpose of the limited partnership is to enable people to invest their money in a business without taking an active part in managing the business, and without risking more than the amount that they originally contributed.
