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.