- Words: 5046
- Length: 15 Pages
- Topic: Sports
- Paper #: 87992798
LEGAL ISSUE, STRUCTURE, and ANALYSIS
LEGAL ISSUES-LIMITED PARTNERSHIP. According to Black's Law Dictionary (1991), a limited partnership is a "type of partnership of one or more general partners who manage business and who are personally liable for partnership debts, and one or more limited partners, who contribute capital and share in profits but who take no part in running business and incur no liability with respect to partnership obligations beyond contribution"