Asked by shakif seymour on Jul 01, 2024

A general partner may also be a limited partner and thereby also share in profits and distributions as a limited partner.

General Partner

In a partnership, a party who assumes full liability for the partnership's debts and responsibilities.

Limited Partner

A type of investor in a partnership who has limited liability and is not involved in the day-to-day management of the business.

Profits

The financial gain obtained after subtracting all expenses, costs, and taxes from revenue.

Absorb the legal distinctions characterizing general partners in comparison to limited partners, especially regarding their contributions, entitlements, and accountabilities.

Learning Objectives

Absorb the legal distinctions characterizing general partners in comparison to limited partners, especially regarding their contributions, entitlements, and accountabilities.