MANAGEMENT

Detailed explanation-1: -In a limited partnership (LP), at least one partner has unlimited liability-the general partner(s). The other partners (limited partners) have limited liability, meaning their personal assets typically cannot be used to satisfy business debts and liabilities.

Detailed explanation-2: -A limited partnership is a relationship where one or more partners are not involved in the day-to-day management of the business. All limited partners, sometimes known as “silent partners, ” will serve solely as an investor in the business, with the funds that they contribute being the extent of their liability.

Detailed explanation-3: -A limited partner has no right to manage the business or to act as its agent, but he does have the right to vote on several important matters, such as admitting new partners. If a limited partner does manage the business, he may incur unlimited liability for partnership obligations.

Detailed explanation-4: -Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won’t be responsible for the actions of other partners.