What is OIL AND GAS LIMITED PARTNERSHIP?

A type of limited partnership that offers minimal threat to the participating partner in the field of the discovery, extraction and purification of oil and natural gases, as the most losses that they can incur is their invested capital. Inaccountability for other issues of the partnership is an added benefit. The general partner is the one who is responsible for the major part of the risk. The popularity of this partnership in the 80’s owes a lot to the provision of tax breaks available to limited partners.

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