LP

• A limited partnership (LP) is similar to a general partnership which offers limited liability protection to some of the partners. In an LP, at least one partner must be a general partner with unlimited liability and one or more partners must be limited partners whose liability is limited to the amount of their investment. Limited partners act as “silent partners” making a capital investment much like passive shareholders in a publicly traded corporation but having no involvement in the management decisions of the business at any time.
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