Limited Partnership

(redirected from Limited partnerships)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.
Related to Limited partnerships: Master Limited Partnerships

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.
Because the children cannot transfer their limited partnership interests without the consent of all other partners, partnership assets are protected from claims against the individual partners (including those arising out of a divorce).
Having determined it was possible that the LLP and LLC interests could be considered limited partnership interests, the Tax Court then looked to see if Temp.
'We conclude and hold that petitioners' ownership interests in the LLPs and LLCs are excepted from classification as 'limited partnership interests' under the temporary regulations by operation of the general partner exception.
Financial newspapers such as the Wall Street Journal or Barrons and major daily newspapers like the New York Times regularly carry announcements concerning limited partnerships.
* Limited Liability Limited Partnership ("LLLP") Remains Preferred Form of Limited Partnership.
The limited partnership agreement had certain clauses, which differed from "boilerplate" agreements.
While a limited partnership isn't subject to the qualification restrictions of an S corporation, it must have at least one general partner who is personally liable for its debts.
A family partnership may be either a general partnership or a limited partnership. In a general partnership, all partners participate in the operation and management of the partnership and have unlimited personal liability for the debts of the partnership.
Domestic limited partnerships do not necessarily possess centralized management, even though managerial duties are vested in the general partner.

Full browser ?