What is the difference between general and limited partners?
General partners are subject to personal liability for the debts and obligations of the partnership. In addition, general partners are typically entitled to participate fully in the management of the partnership. Limited partners cannot generally exercise much control over the business and their liability is limited to their investment in the business.
Related Questions
- Does each limited partner need to have a separate independent representative or can one independent representative serve for all limited partners?
- How do I complete Section A on form 05-167 Ownership Information Report if I do not have limited or general partners?
- Who are the limited partners in the Family Limited Partnership?
