Limited partnership – a partnership (an entity that is not incorporated) in which at least one of the partners bears full liability for partnership’s obligations (general partner) and the liability of at least one partner is limited to the limited liability amount (limited partner).
What is the ownership function of intergenerational succession?
Every owner of an item or right is entitled to dispose of them (e.g. sell them) if they are disposable, as well as to draw financial benefits therefrom (e.g. in the form of a rent for a real property lease or the sale price of a car). Therefore, the transfer of ownership (for instance, in the case of succession) of items or rights is connected with transferring these two entitlements, which means that we ourselves lose them.