A Limited Partnership carrying out its business under a trade name, It is similar to the Joint Partnership but comprises two groups of Partners:
- The Active Partners who have the exclusive right to conduct business and are jointly and severally liable for the partnership’s debts.
- The Silent Partner whose role is limited to providing the necessary funds and are liable to the extent of their shares in these funds. The Trade name should include only the names of the active partners. The Limited Partnership consists of at least one Active Partner with full liability and one or more silent partners.
The formation of a Limited Partnership is governed by the same rules and procedures governing the Joint Partnership as described above.