Limited partnership

A limited liability company (SL) or a limited liability partnership (LLC) is a commercial company with the status of a legal entity, the capital of which is divided into equal, cumulative and undivided shares. Its partners are not personally liable for the company's debts, but only for the amount of the capital contribution. It is widely used by small self-employed entrepreneurs who thus limit their liability to the capital contributed, avoiding being liable for the debts of their business with their personal assets. According to information provided by Santander Bank.

Characteristics of the limited partnership

The rules of limited liability companies determine their characteristics, the most relevant of which are as follows :

• The minimum number of members is one, with no maximum. If there is only one partner, a sole proprietorship is established. They can be natural persons or legal entities.

References

• Mancuso, A. (2022). Your Limited Liability Company: An Operating Manual. Google Books.
• Mancuso, A. (2021). Nolo's Quick LLC: All You Need to Know About Limited Liability Companies. Google Books.
• Stooker, R. (2010). Master Limited Partnerships. Google Books.

Author: Mónica Guijarro,Gabriela Valera,Zaira Bancells