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9 April, 14:14

General partnership vs limited partnership

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  1. 9 April, 17:10
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    Answer: The difference between the two can be explained as follows : -

    Explanation:

    General partnership is form of business arrangement under which two or more individuals agree to share all assets and liabilities of business. Under this arrangement the partners agree to bear unlimited liability, that is, their personal assets can be held liable in case of any default in business.

    A limited liability partnership is a partnership under which it is must to have one general partner and one limited partner. In this case limited partner is only liable to the extent of his or her investment while general partner's liability is unlimited.
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