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In a restricted partnership, Limited partners assumes no legal responsibility for the partnership past the capital they have got invested.
- One party (the overall associate) has manipulate over the property and control responsibilities, however additionally are for my part liable.
- The different party (restricted partners) are typically traders whose non-public legal responsibility is restricted to their investment.
What takes place in a restricted partnership?
- Limited partners make economic contributions in change for partnership shares, however they're now no longer actively worried with inside the daily operations of the enterprise and handiest have restricted vote casting rights.
- Only if it could be verified that a restricted associate took on an lively function withinside the commercial enterprise will they be held for my part liable.
Who is accountable in a restricted partnership?
In restricted partnerships (LPs), at the least one proprietor is seemed as a "general" associate who's accountable for making commercial enterprise selections and is likewise for my part chargeable for commercial enterprise debts.
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