Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
limited partnership
See PARTNERSHIP.
limited partnership association
See PARTNERSHIP ASSOCIATION.
limited partnership.
A partnership composed of one or more persons who control the business and are personally liable for the partnership's debts (called general partners), and one or more persons who contribute capital and share profits but who cannot manage the business and are liable only for the amount of their contribution (called limited partners). ( The chief purpose of a limited partnership is to enable persons to invest their money in a business without taking an active part in managing the business, and without risking more than the sum originally contributed, while securing the cooperation of others who have ability and integrity but insufficient money. - Abbr. L.P. - Also termed special partnership; (in civil law) partnership in commendam.
master limited partnership
. A limited partnership whose interests or shares are publicly traded. See publicly traded partnership.
umbrella limited partnership
A limited partnership used by a real-estate investment trust to acquire investment properties in exchange for shares in the partnership. See umbrellas partnership real-estate investment trust under REAL-ESTATE INVESTMENT TRUST.