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A limited partnership (LP) is an association of one or more general partners together with one or more limited partners to conduct business for profit as co-owners. The most important feature of a limited partnership is the limited partner enjoys limited liability as long as s/he does not participate in the control of the partnership business.
→ Read MoreA general partnership can provide a business with structure and control in addition to other benefits. In most general partnerships, profits are shared equally among the partners. Typically, partners will sign a contract at the commencement of the general partnership which outlines how profits and losses will be divided. As asset protection vehicles, general partnerships are not an ideal choice, since they do not offer limited or severable liability. Each partner is responsible for the actions and liabilities of every one of the other partners. A general partnership is intended to distribute risk as well as managerial flexibility.
→ Read MoreThe most common types of partnerships include a partnership, limited partnership, limited liability partnership, and limited liability company. The type of business that you operate determines issues such as the extent of personal liability that you have from the business and how the business is taxed, among other things.
→ Read MoreIn business, when you hear the word “partnership,” it normally refers to a general partnership. In a general partnership, there are two or more partners. Each is liable for any debts or judgments taken on by the business. There is no limited liability, which means all the partners’ assets can be taken in a lawsuit or be targeted to settle debts should the partnership become insolvent. Any partner can be sued for the full amount of business debts.
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