Limited Partnership
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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.
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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.
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.
The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.