What are the obligation of a limited partner?

Characteristics of a Limited Partnership or LP:

• It does not require any formalities to be formed other than the agreement of the partners. However, it is always convenient to have a written partnership agreement.
• It must have at a minimum:
  • A general partner with unlimited liability, and
  • A limited partner with limited liability.
• The unlimited partner is responsible for the conduct and management of the LP, and liable for all its debts and obligations.
• The liability of the limited partner is capped at the amount of his contribution and cannot participate in the management of the LP
• The share in the profits and loses of the LP by the limited partner is limited by the amount of his contribution.
• Generally, the general partner tends to be an entity with limited liability, or the general partner limits his liability by purchasing liability insurance.

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