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What are General Partners and Limited Partners?

Logo for Quora, which was the source for a question about general partners

This post is based on a question about general partners that I answered on Quora a couple of weeks ago.

Q.: Why do general partnerships and limited partnerships both have a “general partner” position?

A.: General partners – in each type of partnership – have control over and manage the business. They are jointly and severally liable for the partnership’s obligations. (more…)