Limited partnerships will still have at least one general partner to man the day-to-day operations of the business. The general partner may also be personally liable for the debts of the company, while the limited partner is not. A general partner's liability is not limited to their investment.
Also asked, what is an unlimited partnership?
All of the partners in a general partnership have unlimited liability, which means that the partners are equally responsible for the entire debts of the business. A sole proprietorship business is owned by one individual, who is personally responsible for any debts or obligations incurred through the business affairs.
What is general and limited partnership?
In a limited partnership (LP), at least one partner has unlimited liability—the general partner(s). The other partners (limited partners) have limited liability, meaning their personal assets typically cannot be used to satisfy business debts and liabilities.
Can you be a general partner and a limited partner?
The same person can be both a general partner and a limited partner, as long as there are at least two legal persons who are partners in the partnership. The general partner is responsible for the management of the affairs of the partnership, and he has unlimited personal liability for all debts and obligations.