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What is a Florida limited partnership?

Florida limited partnerships have two types of partners, limited partners and general partners. General partners are personally responsible for the liabilities incurred by the partnership. Limited partners are generally partners who want to invest in the partnership but do not desire direct involvement in its management. Therefore, their liability is solely restricted to the amount of their investment. As with general Florida partnerships, partners in limited partnerships can enter into a Florida partnership agreement that will set out the parameters for running the Florida partnership.

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