oil and gas income limited partnership

Oil and Gas Income Limited Partnership

A limited partnership between limited partners with limited liability and one or more general partners with unlimited liability, the purpose of which is to purchase oil or gas-producing properties or royalties generated from such a properties. The general partner uses the investment money from the limited partners to buy the properties or royalties; the typical partnership unit for a limited partner costs $5,000, and the limited partner risks no more than this investment. See also: Oil and gas drilling limited partnership.

oil and gas income limited partnership

A partnership in which investors' funds are used to buy oil and gas royalty interests or to buy producing oil and gas properties. This partnership ordinarily provides investors with a stream of sheltered or partially sheltered income.
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