LIMITED PARTNERSHIP

- formed by compliance with statutory requirements

- one or more general partners control the business and are personally liable to creditors

- One or more limited partners contribute to the capital and share in the profits but do not participate in
the management of the business and are not personally liable for partnership obligations beyond their
capital contribution

GENERAL PARTNER - One who is liable to the extent of his separate property after all the assets of the
partnership are exhausted

LIMITED PARTNER - One who is liable only to the extent of his capital contribution. He is not allowed to
contribute industry or services only.