There are two types of partnerships, one is a general partnership and the other is a limited partnership. Both are differentiated on the following basis:
General partnerships come into existence when many partners are laying out their knowledge to run the business. Each partner will take active participation in the direction of the firm. Limited partnerships come into existence generally to assemble capital for start-ups where daily managing of business is not necessary for investing partners.
The limited partners have no controlling power or discretion to run the business. In an LP, a single partner (general partner) generally manages the firm. In a general partnership, all the partners look over the firm and are accountable for the firm’s profits and losses.
Every limited partner is liable for the company’s loss limited to the extent of their funding in the company. If the company suffers any loss, the personal assets of limited partners cannot get used to cover the losses, unlike that of general partners.
The general partner is generally paid a fixed payment for running the business. Nowadays, a limited partnership allows a corporation or LLC to act as the general partner in the partnership. This helps the partnership in minimizing the liability with the help of the shield given by the corporation.
A general partnership comes into existence by default, and a limited partnership needs a partnership agreement to come into existence. Details regarding the company and the partners are mandatory to submit to the secretary state agency.
Key Benefits of Becoming a Limited Partner
There are several benefits of becoming a limited partner. They are as follows:
A limited partner chips in capital to the company and gets profits made by the company.
A limited partner cannot be liable for the company’s losses, and a limited partner can only be liable to the extent of their investment.
A limited partner is not active in the company’s daily functioning or makes any decisions for the company.
A limited partner working more than 500 hours in any year gets converted into a general partner if the partner wishes so.
Drawbacks of Becoming a Limited Partner
There are several drawbacks also of becoming a limited partner in an LP. These are as follows:
While it may benefit some partners to not be active in the company’s functioning, it has also become a drawback for some partners who wish to get involved in the management process.
A limited partner provides the company with capital and has no say in management.
Giving in more than 500 hours in any year can make a limited partner a general partner. The drawback will be the unlimited liability that comes along with it.
Sometimes, limited partners lose their capital investment in the company.
A limited partner can, later on, get converted into a general partner in one more scenario. For instance, a lender has proof that a limited partner managed a company; with this proof, the partner can get converted into a general partner. After becoming a general partner, they will be liable for the losses of the company.
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