Concept
How do partnerships and limited liability companies differ in ownership and liability?
IntroductionToBusiness OP 8D04gAa / Glossary
"General partners: Partners who have unlimited liability for all of the firm’s business obligations and who control its operations. General partnership: A partnership in which all partners share in the management and profits. Each partner can act on behalf of the firm and has unlimited liability for all its business obligations. Limited liability company (LLC): A hybrid organization that offers the same liability protection as a corporation but may be taxed as either a partnership or a corporation. Limited partners: Partners whose liability for the firm’s business obligations is limited to the amount of their investment. They help to finance the business but do not participate in the firm’s operations. Limited partnership: A partnership with one or more general partners, who have unlimited liability, and one or more limited partners, whose liability is limited to the amount of their investment in the company. Partnership: An association of two or more individuals who agree to operate a business together for profit."
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