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

Question

Quizplus · Accepted Answer

Limited partnerships and limited liability partnerships are not the same type of business organization. A limited partnership has at least one general partner who has unlimited personal liability for the partnership's debts and obligations, while limited partners only have liability up to the amount of their investment. A limited liability partnership, on the other hand, provides liability protection for all partners, meaning that they are not personally responsible for the partnership's debts or obligations.

Limited Partnerships and Limited Liability Partnerships Are Just Two Names