A partnership established between two or more partners governed by a partnership agreement, with at least one general partner and one limited partner. The general partner has responsibility for the day-to-day management of the limited partnership and has unlimited liability for the debts and obligations of the LP whereas the limited partner generally has limited liability. The limited partners have direct rights to a share of the assets and the profits of the LP.
Global Definitions Database
Limited Partnership (LP)
Source: Global | Date: 02 March 2021 | ID: D0570 | Version: 3