With reference to unincorporated associations in the law of persons: Explain the salient features of a limited partnership
Salient features of a limited partnership
- Must not consist of more than twenty people, or in the case of banking ten.
- One of the partners must be a general partner. A general partner is liable for all the debts of the firm, while a limited partner does not incur any liability beyond the amount he has already contributed.
- A limited partner must not draw his share as long as the partnership continues.