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Partnership • Alternative Unincorporated Business Organizations
PT#015
Legal Definition
A limited partnership is a partnership with at least one [general partner](tooltipId:520) and at least one [limited partner](tooltipId:521). To form a valid limited partnership, one must file a limited partnership certificate that contains the names of all general partners with the secretary of state. If one fails to abide by the formalities, a general partnership is created instead.
