limited partnership

limited partnership
A partnership in which the liability of some, but not all, members is limited, being formed under laws permitting an individual to contribute a specified sum to the capital of the firm and then limit his liability for losses to that amount, provided compliance is had with certain established requirements. 40 Am J1st Partn §§ 504 et seq. As to the effect of writing "limited" or "ltd" after the signatures of the members of a limited partnership appended to a contract, see Bernard & Less Mfg. Co. v Packard & Calvin (CA3 Pa) 64 F 309, 310. See partnership association.

Ballentine's law dictionary. . 1998.

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