Limited Partnerships Flashcards
1
Q
What is a Limited Partnership?
A
Similar to an LLP, except it must appoint at least one general partner and one limited partner.
2
Q
General Partner
A
Unlimited Liability
Responsible for the day to day running of the business.
3
Q
Limited Partner
A
Limited Liability
Not taking an active role in the managerial decisions.
4
Q
What do Limited Partners do?
A
Provide investment for the project in return for a share of the returns.
