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limited partnership
(redirected from Limited partner)

   Also found in: Legal, Financial, Wikipedia 0.03 sec.
limited partnership
n.
A partnership in which some of the partners have a limited liability to the firm's creditors.

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However, because the proposed regulations are the most definitive guidance to date, many taxpayers and tax advisers have applied their definition of a limited partner to LLC members.
An LLC member could be treated as a limited partner (and therefore not subject to self-employment tax on the LLC's income) if (1) the member was not a manager and (2) the LLC could have been formed as a limited partnership in the same jurisdiction and the member could have qualified as a limited partner in that limited partnership.
Basic and diluted net income per limited partner unit for the 2006 Quarter decreased to $0.
 
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