A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability
A limited partnership requires-One of the disadvantages of a Limited Partnership is the extensive paperwork required upfront The required documents also vary from state to state However, the most significant disadvantage of a Limited Partnership is directly related to the lack of legal distinction between the General Partners and the business itself Why a "Green Gigaton" Mobilization of Tropical Forest Finance Requires Inclusive, Equitable, and Collaborative Partnerships Now, more than ever, is the time to increase ambition and seize opportunities for a 'quantum' shift in the scale of funding for tropical forest protection and research
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Springfield office Limited Liability Division 501 S Second St, Rm 357 Springfield, IL Mon–Fri 8 am–430 pm Chicago officeEach Limited Partnership is required to have a legal name The name must include a legal element, such as "Limited Partnership" or "LP" LP Name cannot include a last name or a distinctive corporate name unless it is the last name or corporate name of one of the general partners
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