What is a limited partnership?

A limited partnership is a type of legal business structure that is recognized in Nebraska. It is when two or more people or organizations join together to form a business, but only one partner (the general partner) has unlimited liability. The other partners (limited partners) are only liable for the amount of their investment and can’t be held responsible for business decisions or debts. Limited partners are usually only involved in the business in terms of investments and not in the day-to-day operations. The general partner is in charge of managing the business, making decisions, signing contracts, and representing the partnership in court. The general partner is liable for all debts and actions of the business, including those of the limited partners. Limited partnerships are regulated in the state of Nebraska by the Nebraska Uniform Limited Partnership Act. This law defines who can be a partner in a limited partnership and how decisions should be made in the business. It also provides for the creation of corporations, which can work together to form a larger business entity within the partnership. In Nebraska, limited partnerships are popular among those who wish to join together to form a business but do not want to have unlimited liability. With a limited partnership, limited partners can gain the benefits of owning a business without the risks associated with unlimited liability.

Related FAQs

What are the fiduciary duties of directors and officers?
What is the role of corporate compliance officers?
What is the process for corporate liquidation?
What is an initial public offering?
What is the process for issuing corporate stock certificates?
What is the best way to finance a corporation?
What is the role of corporate strategy?
What are the advantages of forming a LLC?
What are the securities laws and how do they affect corporations?
What is the process for declaring corporate splits?

What is a limited partnership?

Related FAQs

Related Blog Posts