Limited Partnership


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Related to Limited Partnership: Master limited partnership

Limited partnership

A form of ownership in which partners are divided into two classes; the general partners who actively manage the operations and bear full responsibility; and the limited partners, whose exposure is normally limited in amount of obligation and have no control over the affairs of the partnership.

Limited Partnership

 

in bourgeois civil law, a type of commercial or industrial company. The partners in such a company are divided into two categories: those whose liability for the company’s debts is limited to the amount they have invested, and those who are totally liable. Limited partnerships are most common in Great Britain, where the law does not give such partnerships the rights of a legal person. This type of British company is very similar to the commandite in France, the Federal Republic of Germany, and Italy.

References in periodicals archive ?
The court went on to note that, to determine whether an individual held a general partnership interest as well as a limited partnership interest (for purposes of Temp.
(9) Periodic gifts of limited partnership interests can reduce the parent's taxable estate.
"The need to pigeonhole the ownership interests as either general partner interests or limited partner interests arises in the first instance from the fiction of treating an LLP or an LLC as a 'limited partnership" under Regs.
Since a general partner in a limited partnership has such a unique role and set of personal responsibilities, his participation in the organization and running of the business is critical.
* Limited Liability Limited Partnership ("LLLP") Remains Preferred Form of Limited Partnership.
The vendor was represented by King Sturge and the Ashtenne Industrial Fund Limited Partnership was represented by Cooke and Arkwright.
The new legislative position is that the section "Recommends the adoption of the new Uniform Limited Partnership Act as approved by the National Conference of Commissioners on Uniform State Laws (NCCUSL) subject to such modifications as recommended to conform certain features to existing state law."
The sale of limited partnership interests also provides project equity, which is used to reduce the amount of debt to be financed.
The limited partnership bought The Pines Apartments at 5813 Base Line Road for $3.85 million ($14,961 per unit) in November 1992 from another Dallas-based group, National Operating Limited Partnership.
In this issue, we look at a special type of partnership arrangement known as a limited partnership. A limited partnership is special because, unlike a general partnership, a limited partnership grants limited liability to a certain class of partners.
Specifically, a gift of a limited partnership interest would entitle the transferor to the $10,000 annual gift tax exclusion.

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