Limited Partnership

Definition: A partnership with at least one general partner and at least one limited partner, formed under the applicable statute.

Example

A real estate venture has a general partner responsible for the enterprise and limited partners contributing capital.

Keep the distinction clear

An ordinary limited partnership differs from an LLP or limited liability limited partnership. Liability and management rights depend on the statute and agreement, not just a participant's label.

Related terms

General Partnership · Limited Liability Partnership (LLP) · Joint Venture

Keep studying

Corporation Sole, Sole Proprietorship, and Single-Owner Businesses

References: Florida Statutes 620.1102: limited partnership definitions · Florida Statutes 475.15: brokerage registration

Pronunciation (US): LIM-ih-tid PART-ner-ship (capitals show stress)

Pronunciation reference: Merriam-Webster