The difference between general and limited partnerships is that general partnerships include only general partners, while limited partnerships include both limited and general partners.

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In a general partnership, all partners are general partners who share in the management and are personally liable for the partnership's debts. In a limited partnership, there are both general partners, who manage the business and have personal liability, and limited partners, who invest capital but have limited liability and do not participate in management.

The Difference Between General and Limited Partnerships Is That General