
Limited Partnership Agreement
Limited Partnership Agreement
A limited partnership agreement is a legal contract that establishes the terms and conditions of a partnership between one or more general partners and one or more limited partners. It outlines the roles and responsibilities of each partner, as well as their rights and obligations. The general partners are typically responsible for managing the partnership’s business and making decisions, while the limited partners provide capital but have limited liability and involvement in the management. The agreement also includes provisions for the allocation of profits and losses, the distribution of cash flows, and the transfer of partnership interests. A well-drafted limited partnership agreement helps to align the interests of the partners, protect their investments, and ensure the smooth operation of the partnership.