Difference and similarities between general partnership and limited partnership?
General - Default arrangement for a partnership and is, therefore, the simplest of all partnerships to form, each partner has unlimited liability for the debts and obligations of the partnership, meaning every partner is liable for his or her own actions as well as the actions of the other partners and the actions of the employees.
Limited - Encourages investors to contribute capital to a business without risking more capital than they have contributed, invests money in the business but has minimal control over daily business decisions and operations.