A limited partnership is made up of one or more general partners and any number of limited partners. The general partners manage the business and must accept liability for all partnership debts. Limited partners, on the other hand, do not actively participate in management, and each limited partner is liable only to the extent of his or her investment in the partnership. See Organizing Your Small Business for more information. This website provides general information only.
Laws develop over time and differ from state to state.
This website does not provide legal advice about specific legal problems. Let The Law Firm of Evan H. Farr, P.C. advise you about your particular situation.