Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 32)
What is the primary difference between a general and a limited partner?
A limited partner has unlimited liability, while a general partner has limited liability.
A general partner is more involved in the day-to-day operations than a limited partner.
A limited partner can contribute capital but cannot share in profits.
A general partner is only liable for their own actions and not the partnership's debts.
Explanation
A limited partner is less involved in day-to-day activities.
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