Limited liability 17. Limited partner has no participation in management. Death, insanity, or retirement of a limited partner does not dissolve partnership. Limited partner's interest is transferable. No self-employment income allocation, unless guaranteed salary.
Recourse debt is only against general partner.
Corporation taxed as a partnership. Owners are called members. Partners are not personally liable for the malpractice or other torts of other partners. Must be registered in the State.