Limited partnership
1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).
A partnership where at least one of the partners, the general partner, has unlimited liability and at least one other, called a limited partner, has limited liability. The liability of the limited partner is limited, typically, to the amount they have contributed or agreed to contribute to the limited partnership. In general partnerships, all partners are general partners in the sense that they all have unlimited personal liability. Limited partnerships come into existence only upon a filing being made with the appropriate government authority under provincial limited partnership legislation. Limited partners cannot take part in the management of the business of the partnership or allow their name to be used in the firm name without losing their limited liability status.