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Valandria Burke
on Dec 20, 2024

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General partners and limited partners rank equally unless the partnership agreement provides otherwise.

General Partners

Members of a partnership who are responsible for the management of the partnership, have full authority to bind it, and face unlimited personal liability for its debts.

Limited Partners

Individuals in a partnership who invest money but do not have management responsibilities and whose liability is limited to the amount of their investment.

  • Gain insight into the legal variances between general partners and limited partners, with emphasis on their responsibilities, benefits, and legal burdens.
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Molly HuynhDec 24, 2024
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