Limited partnership

Limited partnership
Partnership Part"ner*ship, n. 1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. [1913 Webster]

2. A division or sharing among partners; joint possession or interest. [1913 Webster]

Rome, that ne'er knew three lordly heads before, First fell by fatal partnership of power. --Rowe. [1913 Webster]

He does possession keep, And is too wise to hazard partnership. --Dryden. [1913 Webster]

3. An alliance or association of persons for the prosecution of an undertaking or a business on joint account; a company; a firm; a house; as, to form a partnership. [1913 Webster]

4. (Law) A contract between two or more competent persons for joining together their money, goods, labor, and skill, or any or all of them, under an understanding that there shall be a communion of profit between them, and for the purpose of carrying on a legal trade, business, or adventure. --Kent. --Story. [1913 Webster]

Note: Community of profit is absolutely essential to, though not necessarily the test of, a partnership. [1913 Webster]

5. (Arith.) See {Fellowship}, n., 6. [1913 Webster]

{Limited partnership}, a form of partnership in which the firm consists of one or more general partners, jointly and severally responsible as ordinary partners, and one or more special partners, who are not liable for the debts of the partnership beyond the amount of cash they contribute as capital.

{Partnership in commendam}, the title given to the limited partnership (F. soci['e]t['e] en commandit['e]) of the French law, introduced into the code of Louisiana. --Burrill.

{Silent partnership}, the relation of partnership sustained by a person who furnishes capital only. [1913 Webster]


The Collaborative International Dictionary of English. 2000.

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Look at other dictionaries:

  • limited partnership — see partnership Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. limited partnership …   Law dictionary

  • Limited partnership — A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs).The GPs are, in all major respects, in the same legal… …   Wikipedia

  • limited partnership — Type of partnership comprised of one or more general partners who manage business and who are personally liable for partnership debts, and one or more limited partners who contribute capital and share in profits but who take no part in running… …   Black's law dictionary

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  • limited partnership — A partnership in which the liability of some, but not all, members is limited, being formed under laws permitting an individual to contribute a specified sum to the capital of the firm and then limit his liability for losses to that amount,… …   Ballentine's law dictionary

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  • limited partnership rollup transaction — limited partnership roll·up transaction / rōl ˌəp / n: the combining or reorganizing of one or more limited partnerships into an entity (as a master limited partnership or real estate investment trust) that can be publicly traded; specif: such a… …   Law dictionary

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