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Dictionary by pitch.dog
Company forms & group structures · Core

Limited partnership

Also called: LP

ELI5

A partnership with at least one general partner and one or more limited partners under applicable law.

Used in conversation

“Counsel wants limited partnership clarified before anyone signs.”

Pitch context

You will see “Limited partnership” in board papers, contracts, policies, risk registers and compliance reports when the discussion reaches company forms & group structures.

Why it matters: In company forms & group structures, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

Connected terms

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Sources & evidence · 3

Direct term-level sources and supporting source families.