articles of partnership

  

Definition

The internal 'rule book' of a limited partnership firm; similar to the articles of association of an incorporated firm. A limited partnership consists of general partners who manage the firm and are jointly-and-severally liable for the firm's debts, and limited partners who are liable to the extent of their capital contribution. Limited partners cannot participate in the management of the firm and lose their limited liability status if the do. See also agreement of partnership.

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