- limited partnership
- Type of partnership comprised of one or more general partners who manage business and who are personally liable for partnership debts, and one or more limited partners who contribute capital and share in profits but who take no part in running business and incur no liability with respect to partnership obligations beyond contribution. Evans v. Galardi, 16 Cal.3d 300, 128 Cal.Rptr. 25, 30, 546 P.2d 313.A partnership formed by two or more persons under the provisions of the Uniform Limited Partnership Act, having as members one or more general partners and one or more limited partners. The limited partners, as such, are not bound by the obligations of the partnership. Uniform Limited Partnership Act No. 101(7).Most all states have adopted the Uniform Limited Partnership Act.See also general partner- limited partner.+ limited partnershipA partnership consisting of one or more general partners, jointly and severally responsible as ordinary partners, and by whom the business is conducted, and one or more special partners, contributing in cash payments a specific sum as capital to the common stock, and who are not liable for the debts of the partnership beyond the fund so contributed.See also partnership.@ master limited partnershipA standard limited partnership in which its interests are publicly traded. "Master" merely refers to the two tier form often employed to meet state law requirements as to limited liability@
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.