limited partnership

A partnership composed of one or more persons who control the business and are personally liable for the partnership’s debts (called general partners), and one or more persons who contribute capital and share profits but who cannot manage the business and are liable only for the amount of their contribution (called limited partners).

• The chief purpose of a limited partnership is to enable persons to invest their money in a business without taking an active part in managing the business, and without risking more than the sum originally contributed, while securing the cooperation of others who have ability and integrity but insufficient money. — Abbr. L.P.

— Also termed special partnership; (in civil law) partnership in commendam. [Cases: Partnership 349–376. C.J.S. Partnership §§ 402–441.]

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词条贡献者

资深译员Lorna，毕业于一所培养高级翻译以及跨文化事务专家的精英大学，专注翻译各种与房地产投资信托有关的法律文件。