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Home Q&A Forum What is a limited partnership agreement?

Corporate

Partnership Agreement

Tennessee

Asked on Oct 6, 2022

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

Answered 605 days ago

Michael S.

ContractsCounsel verified

Business Lawyer
Licensed in Pennsylvania
Free Consultation

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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