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Basic Information About Limited Partnerships

A limited partnership is a partnership that is similar to a general partnership, except that in addition to there being one or more general partners, there are one or more limited partners. The general partner(s) are each personally liable for the debts of the partnership, and usually hold full managerial control. The limited partner(s) have limited liability, meaning that they are only liable to the extent of their investment, and no management authority. 

This type of partnership is most common in the film industry or in types of businesses that focus on a single or limited-term project. They are also useful in "labor-capital" partnerships, where one or more financial backers prefer to contribute money or resources while the other partner performs the actual work.

In most states, a Limited Partnership can elect to become a Limited Liability Limited Partnership (or LLLP). In this arrangement, every partner is liable only for the business debts of the company, and not for acts of malpractice or other wrongdoing done by the other partners in the course of the partnership's business.

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