A limited partnership can have as many or as few of each type of partner as it wants, with the one notable exception that there must be at least one general partner One important rule about limited partnerships is that the limited partners cannot participate in managerial decisions or in the daytoday operation of the partnershipS Corporation Partnerships & Limit on Shareholders Let me start off with the limit on the number of shareholders restriction As you may know, tax law limits the number of shareholders an S corporation may have to 100 shareholders You can't have an S corporation with 0 shareholders, for example Or one with 1000 shareholdersThe majority of partnerships are limited partnerships because passive investors have limited liability with this structure A limited partnership, or LP for short, has At least one general partner and at least one limited partner;
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