Limited partnerships and limited liability partnerships are just two names for exactly the same type of business organization.

Question

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Limited partnerships and limited liability partnerships are similar, but not exactly the same. Limited partnerships have at least one general partner who has unlimited personal liability, while limited partners have limited liability. Limited liability partnerships, on the other hand, provide limited liability to all partners, but also require all partners to participate in management and decision-making.

Limited Partnerships and Limited Liability Partnerships Are Just Two Names