Some Florida business owners have a simple need for their business, namely to finance it. However, traditional funding options, such as bank loans, may be too difficult to acquire or the business may not qualify for the financing. So an entrepreneur may decide to form a limited partnership as a way of financing a business. The key to a successful limited partnership is finding the right limited partner.
As Nerdwallet points out, other partnerships may include owners who want to control their businesses, but a limited partner is there to provide financing, not business management. The person to look for is someone who has no ambitions for controlling the business. If you bring on board someone with dreams of being a manager or someone in an important leadership position, that individual will be frustrated and may feel cheated upon discovering he or she has no real power over the company.