Msg. 43349 of 47202 (This msg. is a reply to
43325 by
Zimbler0)
Jump:
"LP" does indeed mean "limited partnership." It is a legal term that classifies the way in which a partnership is structured. This structure is certainly recognized for what it is for income tax purposes, but there are no "weird" tax ramifications and it is a legal classification, first and foremost - the tax law is NOT the determinative factor of its existence.
A Limited Partnership is composed of at least one (usually just one) General Partner and one or more Limited Partners. The General Partner is at risk for the liabilities of the partnership; the Limited Partner is NOT - the extent of his risk is the amount of assets he has put into the partnership, nothing more. So, if a lender forecloses and the partnership's assets are not enough to satisfy the debt, the lender can pursue the General Partner, but not the Limited Partner (unless, of course, the Limited Partner signed a loan guarantee). These days, to further shield from risk, most General Partners are set up as LLCs (Limited Liability Company) with very little assets in them - other than its ownership interest in the partnership.
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