217. Limited partners and general partners.

A limited partnership must consist of one or more persons called 'general partners', who are liable for all debts and obligations of the firm1, and one or more persons called 'limited partners'2. Each limited partner in a limited partnership that is not a private fund limited partnership3 must, at the time of entering into the partnership, contribute to the partnership a sum or sums as capital or property valued at a stated amount, and is not liable for the debts or obligations of the firm beyond the amount so contributed4. A limited partner in a private fund limited partnership