Advantages of a Limited Partnership
The main advantage a limited partnership over a general partnership or sole proprietorship is the addition of limited partners. In a limited partnership, the general partners are still personally liable for the debts of the business, but the limited partners are not. Limited partners are also not given any say in how the company is run, which could make decisions easier to make.
Compared to a corporation or LLC. Compared to a corporation or an LLC, a limited partnership may be cheaper and easier to set up. Limited partnerships also have fewer formalities than an LLC or corporation.