An option for when a deal doesn’t require the additional paperwork of a statewide filing and provides for limited liability to the limited partners.
- No required statewide filing (Alabama & Georgia)
- 2 tier ownership – General Partners (day to day control)
- Limited Partners (investors and company direction)
- General partners face unlimited liability – same as general partnership
- Limited partners losses are limited to their investment.
- Limited partners are treated differently for tax purposes (not covered today)
- operates like a modified general partnership