Limited Partnership

A limited partnership includes one or more limited partners plus one or more general partners. The limited partners have a limited liability toward the debt of the business and the general partners have a general or total liability for the business itself. General partners always maintain control of the overall management of the firm. The general partners are allowed to decide the use of partnership property without consulting limited partners. The general partners also retain a share in the profits of the company and are therefore totally liable for any debts of the partnership, even as they overlap with those of any or all of the limited partners. Limited partners maintain liability only for the debts up to the percentage they personally have invested in the company.

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