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Author Question: What is the difference between a general partnership and a limited partnership? What will be an ... (Read 55 times)

yoroshambo

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on: Jul 26, 2018
What is the difference between a general partnership and a limited partnership?
 
  What will be an ideal response?

Question 2

What is the difference between a proprietorship and a partnership?
 
  What will be an ideal response?


katheyjon

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Reply #1 on: Jul 26, 2018
Answer to Question 1

A general partnership is owned by general partners who typically share management responsibilities and have unlimited personal liability to third parties. A limited partnership is owned by two categories of partners, general partners and limited partners. The partnership is manages by the general partners, who have unlimited personal liability to third parties, while the liability of the limited partners is limited to their investment in the partnership.

Answer to Question 2

A proprietorship is owned by one individual while a partnership is owned by two or more partners.


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