• What is a Limited Partneship (LP)?
    In a typical partnership, all partners are equally personally liabile for the acts of all other partners, especially if the partners have not taken the time to prepare a written partnership agreement. In a Limited Partnership, there must be one general partner who is liable for the acts of the partnership, but there can be any number of limited partners. Limited partners are generally people who want to invest in a partnership but do not want day-to-day control over, or responsibility for, the operations of the organization.