In a limited partnership, there must be at least one general partner and at least one limited partner.

The limited partner or partners may invest in the business but are not directly involved in management, have no say in the daily operations of the company, and are liable only to the extent of their investments.

Partnerships are common for service professions such as accounting, dentistry and law. These can be viewed as "unlimited liability partnerships" because these professions cannot practice with a shield against liability for professional malpractice claims against their firms.

A partnership is an unincorporated business organization. Unlike business corporations, for example, a partnership has no legal existence distinct from the individuals composing it. The partners are jointly and severally liable.

Limited partnerships name reservations and registrations may be easily completed via our Corporate Registry Application.

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