Limited Partnership
Limited partnership - a non-taxable business entity.
Limited partnerships have two corporate characteristics: limited liability and centralized management (so they won't get taxed).
You officially become a limited partner when the general partner
signs the subscription agreement.
Each investor is taxable on their portion of the business income or loss.
You can't write off more than your basis in the limited partnership.
If selling off limited partnerships you can deduct the loss against your income.
Limited partners have the priority over the general partner upon the liquidation of the partnership.
