With reference to unincorporated associations in the law of persons:- Explain the salient features of a limited partnership.

Salient features of a limited partnership

  • Must not consist of more than twenty people, or in the case of banking ten.
  • One of the partners must be a general partner. A general partner is liable for all the debts of the firm, while a limited partner does not incur any liability beyond the amount he has already contributed.
  • A limited partner must not draw his share as long as the partnership continues.
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