Limited Partnership

Limited Partnerships are statutory forms of business organization. Limited Partnerships are formed by filing a certificate of limited partnership with the secretary of state. Limited Partnerships consist of two types of partners, limited partners and general partners.

General Partners have the same rights, powers, and liabilities as partners in General Partnerships. General Partners manage the Limited Partnership, share profits and losses and have unlimited personal liability.

Limited Partners are partners whose liability is limited to their investment in the business. This limited liability is similar to that of a shareholder in the corporation. Limited partners can lose the benefits of limited liability if they actively participate in management.

Tax treatment for Limited Partnerships is the same as for General Partnerships.

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