limited partnership

Type of partnership comprised of one or more general partners who manage business and who are personally liable for partnership debts, and one or more limited partners who contribute capital and share in profits but who take no part in running business and incur no liability with respect to partnership obligations beyond contribution. Evans v. Galardi, 16 Cal.3d 300, 128 Cal.Rptr. 25, 30, 546 P.2d 313.
A partnership formed by two or more persons under the provisions of the Uniform Limited Partnership Act, having as members one or more general partners and one or more limited partners. The limited partners, as such, are not bound by the obligations of the partnership. Uniform Limited Partnership Act No. 101(7).
Most all states have adopted the Uniform Limited Partnership Act.
See also general partner
- limited partner.
+ limited partnership
A partnership consisting of one or more general partners, jointly and severally responsible as ordinary partners, and by whom the business is conducted, and one or more special partners, contributing in cash payments a specific sum as capital to the common stock, and who are not liable for the debts of the partnership beyond the fund so contributed.
See also partnership.
@ master limited partnership
A standard limited partnership in which its interests are publicly traded. "Master" merely refers to the two tier form often employed to meet state law requirements as to limited liability

Black's law dictionary. . 1990.

Look at other dictionaries:

  • limited partnership — see partnership Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. limited partnership …   Law dictionary

  • Limited partnership — Partnership Part ner*ship, n. 1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. [1913 Webster] 2. A division or sharing among partners; joint… …   The Collaborative International Dictionary of English

  • Limited partnership — A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs).The GPs are, in all major respects, in the same legal… …   Wikipedia

  • Limited Partnership — Eine Limited Partnership (LP oder L.P.; deu. Beschränkte Partnerschaft) ist eine angelsächsische Unternehmensrechtsform, die mit einer deutschen Kommanditgesellschaft vergleichbar ist und sich aus mindestens zwei Gesellschaftern zusammensetzt[1] …   Deutsch Wikipedia

  • limited partnership — a legal partnership where some owners are allowed to assume responsibility only up to the amount invested. Glossary of Business Terms A partnership with at least one general partner and at least one, often more, limited partner( s). The general… …   Financial and business terms

  • Limited partnership — A partnership that includes one or more partners who have limited liability. The New York Times Financial Glossary * * * limited partnership limited partnership ➔ partnership * * * limited partnership UK US noun [C] LAW ► a company where only… …   Financial and business terms

  • limited partnership — A partnership in which the liability of some, but not all, members is limited, being formed under laws permitting an individual to contribute a specified sum to the capital of the firm and then limit his liability for losses to that amount,… …   Ballentine's law dictionary

  • limited partnership — komanditinė ūkinė bendrija statusas Aprobuotas sritis įmonių teisė ir įmonių valdymas apibrėžtis Pagal bendrijos veiklos sutartį steigiamas ir veikiantis neribotos civilinės atsakomybės privatusis juridinis asmuo – įmonė, kurios dalyviai yra… …   Lithuanian dictionary (lietuvių žodynas)

  • limited partnership — noun : a partnership having one or more general partners and one or more limited partners called also special partnership; compare general partnership * * * a partnership formed by at least one general partner and at least one special partner.… …   Useful english dictionary

  • limited partnership —    A business structure recognized in most states that allows one or more partners (called limited partners) to have limited personal liability for partnership debts, while another partner or partners (called general partners) have unlimited… …   Business law dictionary

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