Limited partnerships: Limited partnerships are an alternative to limited liability companies because of their simplicity.
All the states encompass passed limited partnership legislation.
A limited partnership comprises of at least one general partner:
- Their capital contribution on entering the partnership will determine the extent of their liability for the debts of the firm;
- Their role is to manage the limited partnership and their role is the same as a partner under partnership law.
Limited partners are not liable for debts beyond their capital contribution.
- Registration is required in all states.