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TeachMeFinance.com - explain Limited Partnership limited partnership -- a partnership that consists of at least one general partner who is fully personally liable for the debts of the partnership, and one or more limited partners who are each liable only for the amount of their own investment. another definition... Limited Partnership -- A partnership in which at least one of the partners is a general partner who conducts the business and has personal liability for the partnership debts, and at least one of the other partners is a special partner who shares in the profits and losses but their liability is limited to the sum they contribute to the partnership. historic definition... Limited partnership -- A partnership consisting of general and special partners, the general partners managing the business and the special partners contributing capital with liability limited to the capital so contributed. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.