A neuron is a nerve cell that is the basic building block of the nervous system. Neurons are similar to other cells in the human body in a number of ways, but there is one key difference between neurons and other cells. Neurons are specialized to transmit information throughout the body.
A limited partner is a partner in a partnership whose liability is limited to the extent of the partner's share of ownership. Because he is not a material participant, The Internal Revenue Service (IRS) treats the income that a limited partner realizes from his partnership as passive income that he can offset with passive losses.
BREAKING DOWN 'General Partnership'. Since all partners have unlimited liability, even innocent partners can be held responsible when another partner commits inappropriate or illegal actions. This fact alone demonstrates how an investor should heed caution when deciding on whether to become a general partner. RELATED TERMS.