# Limited partnership

> Limited partnership — 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.

Source: https://lopifi.com/glossary/limited-partnership
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

---

**What is 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 known as

- LP

## Words this system refuses for it

- LLP
- limited liability company

- **Category:** Entity types
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Related:** liability