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Forming a for your business, we can help. Limited Partnership is a partnership that has one or more General Partners who manage the day to day operations of the partnership, and one or more Limited Partners who are like “silent partners” investing capital and/or labor. Limited Partnerships provide some protection from liability for certain partners. These limited partners have limited liability for business debts and obligations. General partners manage the company and have unlimited personal liability for judgments against the business.
Only the limited partners in this type of partnership can protect their personal assets from judgments against the business. We find that many customers select a Limited Liability Company (LLC) instead of a Limited Partnership for the following reasons: