Review:
Limited Partnership
overall review score: 4.2
⭐⭐⭐⭐⭐
score is between 0 and 5
A limited partnership is a type of business partnership in which some partners have limited liabilities and limited involvement in the day-to-day operations of the business.
Key Features
- Limited liability for some partners
- Pass-through taxation
- At least one general partner and one limited partner
Pros
- Limited liability for some partners reduces personal risk
- Pass-through taxation can lead to tax benefits for partners
Cons
- General partners have unlimited liability for the debts and obligations of the partnership
- Complex legal structure may require professional assistance to set up correctly