As part of the ongoing effort to improve Mississippi’s business entity statutes, the Limited Partnerships Study Group was formed to review Mississippi’s limited partnership laws and to recommend any needed reforms. A limited partnership is a type of business entity comprised of two or more partners who operate or manage a business together. Every limited partnership (LP) has two types of partners: general partners and limited partners. Approximately 1500 domestic limited partnerships are in good standing with the Mississippi Secretary of State’s Office.