A limited partnership is a type of business entity in which one or more partners (the general partners) manage the company and assume liability for its debts, while another group of partners (the limited partners) invests capital and shares in the profits and losses. The limited partners have a limited liability, meaning that they are only liable for the amount of money they have invested in the company.A limited partnership (LP) is a business structure in which one or more partners (the general partners, who are usually individuals or businesses) have limited liability.
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