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LP See: Limited partner Limited Partner In a company, one who shares with at least one other partner, jointly and severally, a business' ownership. Limited partners exist in limited partnerships and limited liability partnerships, but in both situations they are only liable for the capital they have invested in case of bankruptcy. In limited partnerships, the limited partners have no management authority and confine their participation to their capital investment. In limited liability partnerships, all partners are limited and therefore at least some have management authority. Profits are divided among limited partners according to an arrangement formed at the creation of the partnership. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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