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

法律翻译晓琳，国际知名商学院金融专业，专注翻译各类与金融服务与投资管理有关的法律文件。