Differentiate Between a General Partnership and a Limited Partnership

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The Answer is In a general partnership, each partner is known to the public and held liable for the acts of the other partners. In a limited partnership, there are one or more general partners and one or more limited partners, whose identity is not generally known. The firm is managed by the general partners, who have unlimited personal liability for the partnership's debt. The personal liability of the limited partners is limited to the amount of capital they have contributed. Limited partners may be employees of the company but may not participate in its management.

Differentiate Between a General Partnership and a Limited Partnership

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Differentiate Between a General Partnership and a Limited Partnership

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Correct Answer:
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