Limited Partnership Agreement

A Limited Partnership Agreement is a legal document that outlines the relationship between two types of partners in a business: general partners and limited partners. General partners manage the business and are fully liable for its debts, while limited partners contribute capital but have limited liability, meaning they are only responsible for the business’s debts up to the amount they invested. This agreement specifies each partner's roles, responsibilities, profit-sharing, and how decisions will be made, ensuring clarity and protecting the interests of all parties involved in the partnership.