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Difference between General Partner and Limited Partner in a Limited Partnership (LP) Firm?

In:

General Partner is the one who manages the business whereas the Limited Partner should not involve with management of the LP.

Limited partners should not take part in the management of the LP and should not have the power to bind the LP. Limited partners who take part in the management of the LP are liable for all debts and obligations of the limited partnership incurred while they so take part in the management as though they were general partners.

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