Types of Contracts Learn the difference between implied and express contracts.
A primer on the rules and regulations that govern employers. Legal Setting up a limited partnership The limited partnership is a hybrid containing elements of both the partnership and the corporation. A limited partnership may be formed by parties who wish to invest in a business and, in return, to share in its profits, but who seek to limit their risk to the amount of their investment. In effect, the limited partner is very much like an investor who buys a few shares of stock in a corporation but has no significant role in running the corporation. To establish a limited partnership, it is necessary to have one or more general partners run the business and have full personal liability, and one or more limited partners who play a passive role.