Kiritsis & Associates
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.
New York Business Corporation Law
New York Limited Liability Company
New York General Obligations Law
NYS Office of Professions
Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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