A limited partnership (“LP”) is a business arrangement of one or more general partners and one or more limited partners, to conduct business for profit as co- owners. Except under certain situations, a limited partner is not liable for the obligations of the LP unless the limited partner participates in the control of the business. The general partners participate in the control of the business and unlike, the limited partners, the general partners have unlimited liability for the LP’s obligations. A corporation or other type of legal entity may be a general partner to limit liability to the corporate general partner’s assets, so that the personal assets of the owners of the corporation are not at risk.