Question

what are the benefits of being a general partner in a limited partnership? what about the limited partner? type your answer here rewatch submit

Explanation:

For a general partner in a limited partnership: They have full control over the business operations, can make management decisions, and share in the profits. However, they also have unlimited personal liability for the partnership's debts and obligations.
For a limited partner: Their liability is limited to the amount of their investment in the partnership, meaning their personal assets are generally protected. They can also share in the profits of the partnership without being involved in the day - to - day management, allowing them to be passive investors.

Answer:

• General Partner Benefits: Has full management control of the business, can make operational decisions, and shares in the partnership's profits. But has unlimited personal liability for partnership debts.
• Limited Partner Benefits: Liability is limited to the amount of their investment (personal assets are protected), can share in profits, and can be a passive investor (not involved in day - to - day management).