Limited Partnership

A limited partnership is a form of business ownership that consists of one or more general partners and one or more limited partners. A limited partnership is commonly used when there are passive investors who are not interested in the day-to-day management of the business but are simply interested in sharing in the business's profits. They are also used by families to control and protect family assets and estates. State limited partnership laws control the formation of limited partnerships and limited partners may be required under state law to register with the state. Generally, there are minimal filing requirements and fees for limited partnerships. Read more