Limited Partnership: Is It Good for Your Small Business? – NerdWallet

Choosing your legal structure is one of the first things you’ll do as a new small-business owner. Among the different types of business structures, a limited partnership is an option that gives you a way to raise money from a close group of investors, but is usually a good choice in only a few circumstances.

Overview of limited partnerships

The definition of a limited partnership is a business with more than one owner, including at least one general partner and at least one limited partner. The general partner is in charge, making business decisions and taking personal responsibility for the business’s debts and lawsuits.

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