FOLIO Ontology

A Limited Partnership is a business entity that consists of one or more General Partners and one or more Limited Partners. The General Partner may be an individual or an entity, such as a corporation. Typically, the General Partners are liable for any and all of the company's financial obligations, while the Limited Partners possess no liability for the company's debts, obligations or actions. General Partners usually possess all the rights and responsibilities of managing the business entity, including all of its activities and financial matters. They also hold general liability for the debts, obligations, and activities of the Limited Partnership.