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    1. A general partnership dissolves when any partner leaves, while in a limited partnership partners can only leave according to the partnership agreement. General partners are responsible for all financial obligations of the partnership from their personal assets, while limited partners are only responsible up to their capital contribution. 2. General partners manage the business and are fully liable for partnership debts from their personal assets. Limited partners do not manage the business and are only liable up to their capital contribution. 3. A general partnership has unlimited liability for all partners from their personal assets. A limited partnership specifies the rights and responsibilities of general and limited partners in an agreement, with general partners fully liable and limited partners only liable up to their capital contribution.

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    1. A general partnership dissolves when any partner leaves, while in a limited partnership partners can only leave according to the partnership agreement. General partners are responsible for all financial obligations of the partnership from their personal assets, while limited partners are only responsible up to their capital contribution. 2. General partners manage the business and are fully liable for partnership debts from their personal assets. Limited partners do not manage the business and are only liable up to their capital contribution. 3. A general partnership has unlimited liability for all partners from their personal assets. A limited partnership specifies the rights and responsibilities of general and limited partners in an agreement, with general partners fully liable and limited partners only liable up to their capital contribution.

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    7 views1 page

    Partnership and Corporation Law

    Uploaded by

    Kath
    1. A general partnership dissolves when any partner leaves, while in a limited partnership partners can only leave according to the partnership agreement. General partners are responsible for all financial obligations of the partnership from their personal assets, while limited partners are only responsible up to their capital contribution. 2. General partners manage the business and are fully liable for partnership debts from their personal assets. Limited partners do not manage the business and are only liable up to their capital contribution. 3. A general partnership has unlimited liability for all partners from their personal assets. A limited partnership specifies the rights and responsibilities of general and limited partners in an agreement, with general partners fully liable and limited partners only liable up to their capital contribution.

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    1. How different is the dissolution of a general partnership from other kinds of partnership?

    Partners in general partnership bear all the financial responsibilities of the partnership
    may it be the financial or management interest of the partnership. In such type of partnership,
    in an event where a partner decides to leave, the partnership is then dissolved. This
    distinguishes general partnership from other type of partnership, for example, limited
    partnership. Unlike in general partnership, limited partners can only leave the partnership in
    accordance to the term specified in the partnership agreement.

    2. What is the difference between a limited partner from a general partner?


    As aforementioned, general partners take the responsibilities to oversee and run the
    business. While as for the limited partners, they do not partake in the management of the
    business. However, when it comes to liabilities, general partners are liable to the partnership
    debts to the extent of his or her personal property. As for the limited partner, he or she is
    limited only to the extent of his capital contribution.

    3. What is the difference between a limited partnership from a general partnership?


    A general partnership is a partnership of two or more people who as well share in the
    profits and liabilities of the company. Such type of partnership is structured with unlimited
    liability of each partner to the extent of each partners’ personal assets which secures the
    solvency and liability of the partnership. Whereas, a limited partnership, it includes general
    partners and limited partners as required by the law. The rights and responsibilities of all
    partners in this type of partnership are specified in the partnership agreement.

    4. Can an industrial partner be a limited partner?


    Industrial partners cannot become a limited partner, for Art. 1845 states that the
    contribution of a limited partner may be cash or other contributions, but not services, which
    rejects industrial partner as they are those who contribute labor, skill, or service in the
    partnership.

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