University of Maryland Extension

Family Limited Partnership as a Business Structure?

Paul Goeringer

Photo by Edwin Remsberg

This post is not legal advice

            I’ve written about limited partnerships as a business structure previously, but let's review.  A limited partnership is made up of at least one general partner and one or more limited partners.  General partners manage the business and take all the business risks.  (See the previous post on general partnerships to get an idea of the types potential risks general partners face).  Limited partners have no management responsibilities, and their liability is limited to what they have invested.

To continue reading, click over to the Maryland Risk Management Education Blog.

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