limited (liability) partnership
61limited partnership — A partnership in which the liability of some, but not all, members is limited, being formed under laws permitting an individual to contribute a specified sum to the capital of the firm and then limit his liability for losses to that amount,… …
62liability — /luy euh bil i tee/, n., pl. liabilities. 1. liabilities, a. moneys owed; debts or pecuniary obligations (opposed to assets). b. Accounting. liabilities as detailed on a balance sheet, esp. in relation to assets and capital. 2. something… …
63Limited Partner — A partner in a partnership whose liability is limited to the extent of the partner s share of ownership. Limited partners generally do not have any kind of management responsibility in the partnership in which they invest and are not responsible… …
64partnership — An unincorporated business entity in which two or more individuals (known as partners) agree to share the *risks and *rewards of an activity. Unlike a *corporation, a partnership does not have a separate legal personality partners essentially act …
65limited — Narrow, restricted, circumscribed, inclosed within a certain limit; hemmed in; confined; bounded. Cheney v Smith, 3 Ariz 143, 23 P 680, 685. Abbreviated ltd. A word used to indicate the corporate status, especially in England and Canada, the… …
66limited partnership — lim′ited part′nership n. bus a partnership in which the liability of at least one of the partners is limited to the amount that partner has invested Compare general partnership • Etymology: 1905–10 …
67partnership association — A business organization exclusively a creature of statute; a type of artificial person standing halfway between a limited partnership and a corporation. 40 Am J1st Partn § 518. An association in the form of a kind of partnership but departing… …
68limited partner — noun : a partner whose liability to creditors of the partnership is usually limited to the amount of capital he has contributed to the partnership providing he has not held himself out to the public as a general partner and has complied with… …
69limited partner — noun a partner in a company or venture whose liability towards its debts is legally limited to the extent of their investment. Derivatives limited partnership noun …
70Limited partner — A partner who has limited legal liability for the obligations of the partnership. The New York Times Financial Glossary …
