A partnership that prevents each partner from being sued for personal liability due to the negligent acts committed by other partners or employees not under the partner's direct control. Most states limit the types of professionals who may form such entities which usually includes lawyers, accountants, healthcare providers and architects. … [Read more...]

A straight line relationship by blood, such as grandfather, father and son. … [Read more...]

As opposed to a general partner, a limited partner has limited liability for the debts incurred by the corporation. The limited partner does not participate in the management of the company and may also be a sielnt partner. … [Read more...]

Blood relatives who are in a direct line of descendancy, e.g. grandfather, father, son, grandson. … [Read more...]

Provides a method where a partnership may increase its capital investment from investors who will play little or no role in business decisions. General partners manage the business while limited partners are passive investors and not allowed to make day-to-day business decisions or else they will face the same exposure to liability as general partners. States may also provide … [Read more...]