LIMITED PARTNERSHIPS. Lim ited partnerships exist in all of the States, and under almost similar statutes. It changes the liability of the special partner, from a general liability for all firm claims to the payment of a limited amount. Hence the purpose of limited partnerships is: I. To bring into co-operation men having capital and willing to risk a limited amount of it, but not all. and men without capital, but with enterprise, skill and capacity.
2. The protection of that part of the public who deal with limited partnerships, in giving them precise knowledge to what extent they may give credit with hope of payment from the firm.