Delaware Limited Partnership Act

The Delaware Limited Partnership Act is the law that governs how limited partnerships are formed, managed, and operated in Delaware. A limited partnership consists of at least one general partner (who manages the business and bears unlimited liability) and one or more limited partners (who invest money but have limited liability and no management role). The Act provides rules to ensure proper formation, protect investors, and establish rights and responsibilities for all partners. Delaware's law is popular because it offers a flexible legal framework, clear procedures, and strong protections, making it a preferred jurisdiction for establishing such partnerships.