Corporate
Partnership Agreement
Tennessee
What is a limited partnership agreement?
Being asked to sign one and not sure what it is. I'm trying to create a partnership with a few of my colleagues and I'm concerned about the word 'limited'.
1 Attorney answer
Answer
Corporate
Tennessee
Michael S.
ContractsCounsel verified
We really need to know more about the business and how everyone envisions ownership in order to answer the question. In general (and this is very general - I am a PA lawyer, not Tennessee), a limited partnership is an entity through which a business or property is owned. In a limited partnership, you need to have a general partner (either one more individuals or entities) who essentially manage the entity, and also have liability for all liabilities of the general partnership. The limited partners invest in the entity, but have no liability for the entity's obligations.
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