The Limited Partnership

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Attributes of a Limited Partnership:

• Limited Partnership Number of Owners Required:

• A Limited Partnership can have a minimum of two (2) owners in most states. Owners of a Limited Partnership are called "LIMITED PARTNERS" with one or more "GENERAL PARTNERS". A Limited Partnership can have an unlimited number of maximum owners in most states. Ownership in a Limited Partnership is usually held with a "Partnership certificate".

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• Management of a Limited Partnership:

• The Limited Partnership is managed by either its "General Partner" or "General Partners".

Protection of Personal Assets:

A Limited Partnership (LP) offers protection to the Limited Partner's personal assets, but typically with less protection than that of a corporation.

The key features and benefits of a Limited Partnership are:

►Limited Partnerships can have a minimum of 2 persons (1 must be a general partner and 1 must be a limited partner). 

►A Limited Partnership can have an unlimited number of general partners and an unlimited number of limited partners.

►Limited Partners are not typically held personally responsible for Company debts and obligations.

►While limited partners have limited exposure they are restricted in their ability to take actions on behalf of the limited partnership.

►Limited Partnerships allow for pass-through taxation. An LP allows for pass-through taxation, as its income is not taxed at the entity level. Limited partners can use losses to offset other passive income on their tax returns.

►Limited Partnerships allow for raising of capital while allowing the general partner to have full control over the Company’s business decisions.

►Limited Partnerships have more flexibility in structuring the management of the Limited Partnership than Corporations.

►Limited Partnerships have less formal requirements and annual paperwork than Corporations.

►General partners losses can be used to shelter other income up to the value of their investment in the partnership since their losses are not usually considered passive.

►Limited Partnerships have traditionally been used when the company has a single, limited-term project.