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Limited Partnership - LP

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Limited Partnership - LP
Two or more partners formed to conduct a business jointly, and in which one or more of the partners is liable only to the extent of the amount of money they have invested. Limited partners do not receive dividends, but enjoy direct access to the flow of income and expenses.

Notes:
The main advantage is the owners are generally not liable for the debts of the company. This term is also referred to as a Limited Liability Partnership (LLP).


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