What are the differences between General Partnership and Limited Partnership?
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General partnership - It is a business structure made up of two or more general partners where the general partners have full operational control of the business. Limited partnership - It is a business structure made up of two or more limited partners where limited partners do not involve themselves in the day-to-day operations of the business.
General partnership - General partners have unlimited liability for debts and lawsuits.
Limited partnership - Limited partners have limited liability to losses and liabilities are limited to their investment in the company.
General partnership - General Partners can contribute capital to the partnership.
Limited partnership - Limited Partners are the investors in the company, they mainly pay capital to the partnership.
General partnership - They are generally limited companies or LLPs.
Limited partnership - They are generally institutional investors: pension funds, insurance companies, and individuals with high net worth.
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