LIMITED PARTNERSHIPS

By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Kiritsis Law Group

212 922 0005

A limited partnership (LP) is a type of partnership that combines elements of both a general partnership and a corporation. In a limited partnership, there are both general partners and limited partners. General partners have unlimited personal liability and manage the day-to-day operations of the business, while limited partners have limited personal liability and typically do not participate in the management of the business.

 

Limited partners are only liable for the debts of the partnership up to the amount they have invested, and their personal assets are protected from the obligations of the partnership. This provides a degree of protection for limited partners, but also limits their ability to control the business.

 

Limited partnerships are often used in real estate investment or private equity situations, where the general partners manage the business and the limited partners provide the capital. In exchange for their investment, limited partners receive a share of the profits, but have limited control over the business operations.

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

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