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Limited partner

   Also found in: Dictionary/thesaurus, Legal, Acronyms, Wikipedia 0.07 sec.
Limited partner
A partner who has limited legal liability for the obligations of the partnership.

Limited partner. A limited partner is a member of a partnership whose only financial risk is the amount he or she has invested.

In contrast, all the assets of the general partner or partners, including those held outside the partnership, could be vulnerable to claims brought by the partnership's creditors.



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However, because the proposed regulations are the most definitive guidance to date, many taxpayers and tax advisers have applied their definition of a limited partner to LLC members.
An LLC member could be treated as a limited partner (and therefore not subject to self-employment tax on the LLC's income) if (1) the member was not a manager and (2) the LLC could have been formed as a limited partnership in the same jurisdiction and the member could have qualified as a limited partner in that limited partnership.
Basic and diluted net income per limited partner unit for the 2006 Quarter decreased to $0.
 
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