Asked on 1/22/2009 by Karl Spacler - Bushwood ClubsAnswered by ABC Staff
Limited Partnership ("LP") is a business organization with one or more
general partners, who manage the business and assume legal debts and
obligations, and one or more limited partners, who are liable only to
the extent of their investments. Limited partners also enjoy rights to
the partnership's cash flow, but are not liable for company obligations.
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