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Limited Partnership

A Limited Partnership is a separate legal entity formed for limited-liability and asset protection purposes.  The owners of an LP are known as General and Limited Partners.  The management resides exclusively with the General Partner.  While the Limited Partners are limited in their liability, the General Partners of an LP have unlimited personal liability for the LP’s debts and obligation.  This unlimited liability can be resolved by forming a corporation or LLC to be the General Partner.

 

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