Limited partnerships are just like general partnerships,except that they are organized to operate as a going concern for only a limited time period.

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Limited partnerships are organized with at least one general partner and at least one limited partner, and the partnership agreement typically provides for the continuation of the partnership until a specific event occurs, such as the death, retirement, or withdrawal of a general partner. The limited partnership does not have a set time period for operation.

Limited Partnerships Are Just Like General Partnerships,except That They Are