A limited partnership limits the liability of one partner for the negligence of another partner. A limited liability partnership consists of a general partner and one or more other partners who do not participate in day-to-day business management.

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In a limited partnership, there is at least one general partner with unlimited liability and one or more limited partners whose liability is limited to their investment. A limited liability partnership (LLP) protects each partner from debts against the partnership and from the negligence of other partners, but does not typically restrict partners from participating in day-to-day management.

A Limited Partnership Limits the Liability of One Partner for the Negligence