Limited Partnership
Definition of "Limited partnership"
A business in which one or more person, with unlimited liability, called general partners, manage the partnership. There are also limited partners who contribute capital, but do not manage the operations nor do they have liability for partnership debts exceeding their capital balances. Limited partnership are popular in real estate because of advantageous tax aspects in which double taxation of income is avoided. There also exist pass-through of losses from the partnership tax return (Form 1065) to the individual's tax return (Form 1040).
Popular Real Estate Terms
Rear lining of chimney. An acceptable chimney back lining can be achieved by plastering the interior surfaces of the chimney. A better alternative, however, is a manufactured lining of ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Loan mandating equal periodic payments to pay off the loan subsequent to the last payment. ...
Individual corporation, and so on permitted by law to own property and engage in business. Here, two or more companies operate under common control. Separate economic unit subject to ...
Room that is fit for living in. the building in which the room is located conforms with the building code and has a certificate of occupancy. Usable for all purposes, but does not include ...
Method of valuing a property through examination and comparison of recent sales of comparable properties. ...
Estimated price at which a partner in a partnership can buy out another partner. There are several methods for developing a buy-out estimate including market comparisons, appraisals, or ...
(1) Paved roadway constructed above lowlands such as a swamp. (2) Roadway in ancient Egypt connecting the valley temple with a pyramid. ...
Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...
Have a question or comment?
We're here to help.