Asked by Jessica Castro on Jul 04, 2024
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A limited partnership and a limited liability partnership refer to the same type of business organization.
Limited Partnership
A partnership structure where at least one partner has unlimited liability (general partner) and one or more partners have limited liability (limited partners), restricting their losses to their investment in the partnership.
Limited Liability Partnership
A business structure where partners have limited liabilities, protecting personal assets from the debts of the business.
- Recognize the legal implications of partnership actions and the responsibilities of partners in a business.
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Learning Objectives
- Recognize the legal implications of partnership actions and the responsibilities of partners in a business.
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