Limited partner

Limited partner: a partner in a limited partnership whose liability is limited to their original investment in the partnership. The limited liability is contingent upon the limited partner: (i) not controlling or managing the limited partnership, (ii) not having the power to take legally binding decisions on behalf of the limited partnership, and (iii) not withdrawing their contributions from the limited partnership for as long as it remains in business. If any of the aforementioned conditions are breached, the limited partner will lose the limited liability protection.