Question

5 difference between general partner and limited partner

Answer 1

A general partner in a partnership takes part in the daily operations of the partnership and is personally responsible for the liabilities of the partnership. In contrast to a general partner, a limited partner is a partner in a partnership who has a share of ownership but who takes no part in managing the partnership.

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Answer 2

General partners are those partners who have unlimited liabilities whereas limited partners mean the person who has liabilities.

Difference between general partners and limited partners:

• In general partner all people are involved in the business whereas in limited partner only one person involved
• All people collectively make any decision in a general partner whereas in a limited partner does not
• In general partner all people have to pay debt whereas in a limited partner it is not necessary
• Limited partner is also known as "silent partner" whereas in a general partner is called "investor"

• General partner sometimes invest in a company but limited partner does not