A limited partnership, or LP, is a partnership of one or more general partners, who manage the business, and one or more limited partners, who invest in the partnership but do not manage it. Unlike partners in a general partnership, limited partners in a limited partnership have limited liability.
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A partnership is a business owned by two or more people. There are three different types of business partnerships:
A general partnership may require filing a DBA/Business Name statement with the state or county if the business name does not include the surnames of the partners. Forming either a limited partnership or a limited liability partnership usually requires filing a Certificate with the Secretary of State or the appropriate state agency.
General partners control the partnership's day-to-day operations and take on the legal debts and obligations of the business. In other words, they run the business. Because the general partners are responsible for any debts or lawsuits incurred by the business, often a general partnership is structured with a corporation or LLC as the general partner, in order to protect all concerned from liability. General partners often form corporations or LLCs to protect themselves from liability.
Limited partners contribute capital to the partnership, but do not participate in the daily operations of the business. As an added benefit, they are also shielded from business debts and other liabilities. Limited partnerships are a great choice for investors who lack the time or expertise to run a business, but would like to share in the profits.
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