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A limited partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the partnership, and one or more limited partners, who have limited liability but cannot participate in management.

In Virginia, you must file a certificate with the State Corporate Commission (SCC), which will include the name of your partnership, its address, the identity of its registered agent, and the names and addresses of all of its partners.

The Virginia Limited Partnership General partners manage the business and are personally liable for all debts of the business. Limited partners may own part of the business but they do not manage the business. The limited partners' responsibility to pay business debts is limited to their investment in the business.

The main purpose of a limited partnership is to allow individuals or other businesses to partner their business skills and funds to create a successful business. Limited partners provide funding while general partners have 100% control over everyday management of business.

With an LLC, all of the members generally obtain limited personal liability. The members may also participate in the management of the business and keep their limitation of liability. In an LP, only limited partners enjoy limited personal liability.

A limited liability company (LLC) is an unincorporated association of one or more members (the owners) who share in the profits and losses of the company's business. It is managed in ance with an operating agreement by one or more members (member-managed) or by one or more managers (manager-managed).