A financial affiliation consisting of a general partner and limited partners that invests in projects such as real estate, oil and gas, equipment, movies, etc. The general partner, in return for fees and a percentage of ownership, manages operations and is ultimately liable for any debt. Limited partners, who may receive income, capital gains, and tax benefits in return for their investment, have little involvement in management. They also have limited liability, which limits their maximum loss to the amount they invested.
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