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Limited Partnership [LP]

Glossary Term

A limited partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the partnership, and one or more limited partners, who have limited liability but cannot participate in management.

Delaware Franchise Tax

Glossary Term

The Delaware Franchise Tax is the tax due to the state of Delaware for all LLCs and LPs organized or Corporations incorporated under Delaware law.