Wilson Law Group P.C.

Board Certified Texas Attorney

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Wilson Legal Group P.C.
16610 Dallas Parkway, Suite 1000
Dallas, Texas 75248
Telephone: 972-248-8080

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Practice Areas - Complex Litigation

Corporate Law - Limited Partnership

A limited partnership is a business structure that allows one or more partners (called general partners) to have unlimited personal liability for partnership debts, while another partner or partners (called limited partners) have limited personal liability.  The obvious advantage of such an organization is the ability to direct the flow of liabilities away from the limited partner(s) and towards the general partner(s), who is better equipped to handle such liabilities.  However, this advantage must be managed carefully as a limited partner can lose his limited liability; specifically, if a limited partner is too closely involved in the management of the partnership, the limited partner may be held liable as a general partner in some jurisdictions.  Accordingly, it is important in the setup, organization, and management of your limited partnership to have skilled legal counsel to help maintain the limited liabilities of the partners.