Fred pittman has invested $10,000 in his son’s motorcycle repair shop, but he takes no part in its management. pittman is a limited partner.
Similar to a general partnership, a limited partnership is a type of partnership but unlike a general partnership, a limited partnership needs at least one general partner (GP) and at least one limited partner.
A limited partner is a shareholder whose liability for the company's debts is limited to the amount they contributed to the business. Silent partners are another name for limited partners.
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