Limited Partnership

In this type of business entity, there is one or more limited partners who invest money or property in the partnership. One or more general partners actually run the business. A certificate of limited partnership must be filed with the State, and few state restrictions are placed on how the business can be run. The general partner has complete control, and complete personal liability. A limited partner has no liability for any of the acts of the partnership, and can't lose more that the amounts they have invested in the partnership. However, a limited partner is not able to participate in the control of the partnership. They are more or less at the mercy of the general partner.