Limited partnership
In accounting, limited partnership means a partnership with at least one general partner who carries unlimited liability and limited partners whose liability is limited. A limited partner's share of income is kept out of self-employment earnings, apart from guaranteed payments for services.
Also called LP.
Authority: SBA — Choose a business structure (opens in a new tab). Sources
The lesson that teaches this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- LLP
- limited liability company
Components that render the terms it depends on
No component names this concept outright, but it's built from terms that components do name. These render liability.
Also in Entity types
Defined in Lexicon. This page is generated from that document, so the two can't disagree.