Limited Partner

The term “limited partner” generally refers to a member of a partnership at a given time whose interest in the partnership is not exempt from income tax and whose liability is limited by a law governing the partnership agreement. More specifically, a limited partner is a member whose liability for the debts and obligations of the partnership does not exceed the amount of capital the partner contributed. A limited partner does not ordinarily take part in the activities of the partnership.


Professional members of a limited liability partnership (LLP) are not considered limited partners under the Taxation Act, because they are not personally liable for the obligations of the partnership, or for the obligations of another professional arising from any faults or negligent acts committed by that professional in the course of professional activities carried out within the partnership.

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