Thursday, 23 January 2014  
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Limited Partnership

Limited Partnerships in general: In a Limited Partnership, one or more ‘general" partners manage the business while "limited" partners contribute capital and share in the profits but take no part in running the business. General partners remain personally liable for partnership debts while limited partners incur no liability with respect to partnership obligations beyond their capital contributions. The purpose of this form of business is to encourage investors to invest without risking more than the capital they have contributed.

Duration: Death, disability, or withdrawal of a general partner dissolves the partnership unless the partnership agreement provides otherwise or all partners agree, in writing, to substitute a general partner. Note, death or incompetence of a Limited Partner has no effect on the partnership

Formalities: The formalities of setting up and operating a limited partnership are very similar to that of starting a small, for-profit corporation.

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