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Limited Partnership Form

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all partnerships are associations of two or more people for the purpose of carrying on a for-profit business general partnerships are partnerships in which all partners have a right to control the business share in profits and losses and are personally liable for partnership obligations unsurprisingly the prospect of limiting personal liability for partnership obligations is incredibly appealing and states have created a number of modified partnership structures that allow some or all of the partners to limit their personal liability for partnership debts these structures offer the best of both worlds the ease of creation and management plus the favorable tax rules associated with partnerships and the limitation of personal liability associated with corporations

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