Limited Partnerships are partnerships with at least one general partner and at least one limited partner. They can only be formed by filing a written document which names the partners. The biggest distinctions between general and limited partnerships have to do with management rights and limited liability of the limited partners. The Revised Uniform Limited Partnership Act established this business structure and provides the regulations for creating, operating, and dissolving limited partnerships.
Learn more via the recently completed 4-page, 4-color RISK CONCEPTS series, covering seven common forms of business ownership, including the Limited Partnership.
Several RISK CONCEPTS bulletins covering alternative forms of business structure were recently posted and are available for download at: RightRisk.org/riskconcepts.
