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A limited partnership provides protection against personal liability for its investors who are limited partners, but exposes its general partners to full liability for debts and lawsuits.
A '''limited partnership''' provides protection against personal [[liability]] for its investors who are limited partners, but exposes its general partners to full liability for debts and lawsuits.
The general partners control the firm and have authority to bind each other in contracts. The limited partners are like shareholders in a corporation, such that their maximum liability is no more than their investment. The partnership agreement defines how dividends are distributed to the limited partners.
The general partners control the firm and have authority to bind each other in contracts. The limited partners are like shareholders in a corporation, such that their maximum liability is no more than their investment. The partnership agreement defines how dividends are distributed to the limited partners.