Glossary
» A partnership is an association of two or more persons to carry on a business for profit as co-owners.
» A general partnership is an association of two or more partners, each as a general partner with full status of unlimited personal liability and managerial control.
» A limited partnership is a partnership formed by two or more persons, under the laws of Florida, having one or more general partners and one or more limited partners with limited liability and little or no managerial control (i.e., investors only).
» A foreign limited partnership is a partnership formed by two or more persons under the laws of any state other than Florida or of any other country, and having as partners one or more general partners and one or more limited partners.
» A limited liability partnership is a general partnership that maintains an active registration with the Florida Department of State, Division of Corporations, by which it is afforded certain limitations in a general partner’s liability.
» A limited liability limited partnership is a limited partnership that maintains an active registration or election with the Florida Department of State, Division of Corporations, by which it is afforded certain limitations in a general partner’s liability. |