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California Limited Partnership (LP) |
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California Limited Partnership (LP)A California Limited Partnership (LP) or domestic Limited Partnership means a partnership formed by two or more persons under the laws of this state (California) and having one or more general partners and one or more limited partners. A California Limited Partnership consists of at least one general partner and one limited partner. The general partner is potentially liable for all the obligations of the partnership. The limited partner has limited liability. Limited partners may jeopardize their limited liability status if they actively participate in the business of the partnership. General partners of a California Limited Partnership have unlimited personal liability for the partnership’s debts and obligation.
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