limited partnership

Definition

A business organization with one or more general partners, who manage the business and assume legal debts and obligations, and one or more limited partners, who are liable only to the extent of their investments. Limited partners also enjoy rights to the partnership's cash flow, but are not liable for company obligations.

Use limited partnership in a sentence

If you do not want all of the liability to be resting on you then you may want to only take on limited partnership.

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IF you are trying to decide how much risk you want to take on you may find its best to just have a limited partnership.

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They had a limited partnership with each other and that partnership would be ending soon if things kept going as they were.

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