Limited partnerships are just like general partnerships,except that they are organized to operate as a growing concern for only a limited time period.

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Limited partnerships are not organized to operate for a limited time period. They are typically formed for a specific business purpose or project, but can continue indefinitely as long as the partners agree. The key difference between a limited partnership and a general partnership is that in a limited partnership, there are at least one general partner who manage the business and are personally liable for its debts, and one or more limited partners who do not participate in management and have limited liability for the partnership's debts.

Limited Partnerships Are Just Like General Partnerships,except That They Are