Limited Partnership

One or more "general" partners manage the Limited Partnership while one or more "limited" partners contribute capital and share in the profits. The limited partners take no responsiblity and do not participate in managing or controlling the business. General partners are personally liable for Limited Partnership debt but limited partners incur no liability with respect to partnership obligations, beyond their capital contribution(s). This form of business is favorable to investors who want to invest without risking more than their investment.

A. Liability

A general partner is personally liable for the partnership debt. A limited partner incurs no liability with respect to the partnership activities beyond their initial investment.

B. Management

A Limited Partnership is controlled by the general partners.

C. Duration

A Limited Partnership dissolves upon the death, disability, or withdrawal of a general partner unless otherwise provided for within the Partnership Agreement or all other partners agree in writing to substitute another partner. Death or incompetence of a limited partner has no effect on the Limited Partnership.

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