Glossary Terms

Limited Partnership

A limited partnership, or LP, is a type of legal business partnership whereby two or more partners unite to conduct business jointly. In a limited partnership, each partner is only liable for the amount of money that he has invested in the business.

A limited partnership, or LP, is a type of legal business partnership whereby two or more partners unite to conduct business jointly. In a limited partnership, each partner is only liable for the amount of money that he has invested in the business.

While limited partners do not receive dividends, they do have direct access to income and expenses.