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Limited partner

A unique colleague in a partnership relationship who has agreed to be liable only to the extent of his (or her) investment.

A unique colleague in a partnership relationship who has agreed to be liable only to the extent of his (or her or it's in the event that the limited partner is a corporation) investment.

Limited partners, though, have no right to manage the partnership.

Limited partners are usually just investors or promoters who seek the tax benefits of a partnership but none of the exposure to joint and several liability as between partners.

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Unless otherwise noted, this article was written by Lloyd Duhaime, Barrister, Solicitor, Attorney and Lawyer (and Notary Public!). It is not intended to be legal advice and you would be foolhardy to rely on it in respect to any specific situation you or an acquaintance may be facing. In addition, the law changes rapidly and sometimes with little notice so from time to time, an article may not be up to date. Therefore, this is merely legal information designed to educate the reader. If you have a real situation, this information will serve as a good springboard to get legal advice from a lawyer.

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