Limited Partnership
Definition of "Limited partnership"
A business in which one or more person, with unlimited liability, called general partners, manage the partnership. There are also limited partners who contribute capital, but do not manage the operations nor do they have liability for partnership debts exceeding their capital balances. Limited partnership are popular in real estate because of advantageous tax aspects in which double taxation of income is avoided. There also exist pass-through of losses from the partnership tax return (Form 1065) to the individual's tax return (Form 1040).
Popular Real Estate Terms
To sign and deliver an instrument, such as a deed. Conducting a transaction such as the purchase or sale of a real estate. ...
Architectural plan which may include blue prints of a property project. Designs must meet technological and zoning requirements. ...
Certification granted by the Realtors National Marketing Institute, which is affiliated with the National Association of Realtors. ...
Amount by which the appraised value of property exceeds the debt balance. If property has a fair market value of $ 250,000 while the mortgage balance is $110,000, the owner's equity in the ...
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is ...
Nature and ability of soil and other materials to withstand weight of a structure. ...
Refurbishing or rebuilding a property, such as a house, back to its original or earlier condition. ...
Claim made by a federal or local government agency against a taxpayer's property for delinquent or overdue taxes. The tax lien is effected through tax assessment, demand, and failure to ...
Style of architecture popular during the American Colonial Period. The 2-story house is square or rectangular. The steep gable roof extends down to the first floor in the rear. ...
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