Definition:
A partnership that is a business arrangement whereby the operation is administered by one or more general partners and funded by limited or silent partners who are legally responsible for losses based only on the amount of their investment.
Related Terms:
Corporation
Limited Liability Company (LLC)
Sole Proprietorship
Related Information:
The Legal Requirements for Starting a Business
How to Form a Business Partnership
Related Books:
The Partnership Book: How to Write A Partnership Agreement
The Partnering Imperative
Books about Legal Issues in a Small Business
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