What is a limited partnership?

A limited partnership is a type of business structure in corporate law in the state of Florida. It is a combination between a general partner and limited partners, where all partners have some level of control in the decision-making process. The general partner typically has unlimited liability and is the manager of the partnership. The limited partners, however, are only responsible for the amount of money they put into the partnership. They are not liable for any debts or other obligations that the partnership may incur. The main benefit of a limited partnership is that it is relatively easy to form and the costs associated with creating it are typically lower than other structures. Additionally, limited partners do not have to pay taxes on their share of the profits, as their liability is limited. The downside of a limited partnership is that the general partner is responsible for all decisions that are made, even if the limited partners are not in agreement. Furthermore, there are many regulations related to limited partnerships and it is important that all partners understand these regulations in order to reduce the risk of legal issues arising.

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