In a firm organized as a limited partnership, the limited partner is limited to less than 5% of the annual profits. not engaged in the day-to-day management decisions. the only partner liable for the firm's debt, hence "limited" liability. any given partner in a firm with more than five owners in total.

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In a firm organized as a limited partnership, the limited partner is limited to less than 5% of the annual profits. not engaged in the day-to-day management decisions. the only partner liable for the firm's debt, hence &#34;limited&#34; liability. any given partner in a firm with more than five owners in total.

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