A partnership comprised of a general partner and a limited partner or partners. The general partner is responsible for the business and its liabilities. The limited partners are investors who do not take part in the business and whose liability is limited to their investment in the partnership. Like a corporation, certain registration requirements governed by statute must be followed in order for a Limited Partnership to exist and to allow for limited liability for limited partners. Unlike a corporation, it does not create a separate legal entity; it only defines the relationship among the general and limited partners. Should not be confused with a “Limited Liability Partnership” despite the similar name.
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