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 ?
There have been allegations that some of these companies have been using these arrangements as vehicles of crime, with a 236% increase in the number of Scottish limited partnerships registered between March 2011 and March 2016.
i) The individual's share of any income, gain, loss, deduction, or credit from such activity that is attributable to a limited partnership interest in the partnership; and
Depending on the state where the real property is located, the individual partners or the limited partnership acting on behalf of the partners pay state income taxes.
To begin, a limited partnership -- unlike a general partnership -- does not simply arise when two or more persons carry on business with a view to profit.
The estate tax return reported the decedent's gross estate with the remaining 39% limited partnership interest.
First, by definition, a limited partnership must have at least one general partner personally liable for the partnership's obligations.
The LLC and the shareholder would then contribute their respective S corporation stock to the limited partnership in return for a partnership interest in it--the shareholder was to receive a limited partnership interest and the LLC would get a general partnership interest.
Wien, pioneered real estate limited partnerships beginning in 1934.
EOP Operating Limited Partnership indicated that the tender offers and consent solicitations have been extended by one day in light of the expected adjournment to February 7, 2007 of the shareholders' meeting relating to the proposed mergers of Equity Office Properties Trust and EOP Operating Limited Partnership with affiliates of The Blackstone Group.
A limited partnership is more advantageous than an LLC for real estate professionals expected to devote between 100 and 500 hours a year to a rental real estate activity.
On December 28, 1994, Herbert and Ina Knight established a family limited partnership and two children's trusts.
Also, as part of the amendment, the consideration to be paid by Blackstone for the Class A units in EOP Operating Limited Partnership was also increased from $48.

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