If you wish to enter into a partnership with an individual or company, you need to know what, exactly, the risks, duties, or roles will be. Two common partnerships often confuse business owners and need to be defined.
If you need to discuss forming a partnership in detail, I can assist you. I can elaborate on the advantages or drawbacks of each of the two entities. After you read the following information, contact me at firstname.lastname@example.org. I can give you additional insight, and provide you with more details about general partner vs. limited partner relationships.
The following information will detail the differences between a general partner vs. limited partner formation.
What Is a General Partnership?
A general partnership is considered the most common partnership entity. In this relationship, each partner contributes in the daily business operations. Each partner has the authority to decide on business transactions and take part in contractual agreements.
The contributions, liabilities, and obligations of the partners are considered equal unless noted otherwise.