A General partnership is a kind of partnership that is formed by 2 or more persons and all the owners are personally liable for the legal actions and debts of the company. Whereas a limited partnership is different from General partnership such that in addition to the general partners, there are also one or more Limited partners, who are only liable for the amount they have invested in the firm and have no management authority. The main difference between a private limited company and a Limited partnership is that all the shareholders in a Private Limited have limited liability, unlike a Limited Partnership.
Describe The Main Difference Between General And Limited Partnerships. B). Compare The Main Features Of Limited Partnerships With Private Limited Companies?
A general partnership is a contract among two or more people
who share similarly in returns and legal responsibility for the company. And
limited partnership must have at least one general partner.