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LP (Limited Partnership)

By IncNow | Published October 19, 2013

A legal entity which begins with the filing of a Certificate of Limited Partnership. It classifies partners into two types: operating partners called General Partners and passive investors called Limited Partners. An LP consists of one or more “general partners” who manage the company and are held liable for company debts and expenses, as well as one or more “limited partners” who are passive investors and not held liable for company debts and expenses.

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