Income limited partnership

Income limited partnership

A limited partnership whose main goal is income generation, e.g., real estate, oil equipment.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Income Limited Partnership

A limited partnership that is intended to produce income for the general partner(s) and limited partner(s), each of which would not be able to produce on his/her own. For example, the general partner may have knowledge of the business but no capital, while the limited partner has capital but no knowledge of the business. A common example of an income limited partnership is an oil & gas limited partnership.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved