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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Explain the difference between a general partner and a limited partner.

Summary Introduction

To determine: The difference between a general partner and a limited partner.

Introduction: A partnership is a type of business where at least two individuals share proprietorship and the duty regarding dealing with the organization and the salary or losses that are produced in the business.

Explanation

General partner: A general partner is an associate or partner in a partnership firm who has unlimited liability and is obligated for his segment of all debts in the partnership.

Limited partnership: A limited partnership is a partnership with one general accomplice and a limited partner, the last contributing monetarily or generally however not generally engaged with the business actions or legally responsible for the debt of the partnership...

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