Limited Partner

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At a specific moment, a member of a partnership 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.

Note

In the case of professional members of a limited liability partnership (LLP) who 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, such members are not considered limited partners under the Taxation Act.

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