Difference between general and limited partnership
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sunny
Apprentice
Joined: 10 May 2005
Posts: 2
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 Posted: 09/16/08 - 09:02 Post subject: |
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| I am thinking about joining my friends in their business venture. They are trying to start their own business and they asked me to join them. They figure out that general partnership would suite best for us. That is one of the reason I would like to know what is the difference between general and limited partnership. |
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madison
Apprentice
Joined: 08 Jun 2006
Posts: 3
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| Posted: 10/01/08 - 03:27 Post subject: |
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| There are many differences between general and limited partnership. The most important one is that in general partnership all partners have control over business and responsibility over debts. This is not the case with limited partnership. Here partners have partners that do not have total responsibility over firm’s debts. Also for a limited partnership you need to have a partnership agreement. |
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