oil and gas income limited partnership(redirected from Oil and Gas Income Limited Partnerships)
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.