2. Explain the different types of partners and the
importance of partnership agreements.
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Economics
2. Explain the different types of partners and theimportance of partnership agreements.
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General Partner A partner which is responsible for the management We are responsible for the companys operations For fact general partners bear total liabilitythey are entirely responsible for the companys debts That means they may seize their personal properties to settle debt obligations or lawsuits Limited Partner Partner with a financial interest in the company but no managerial obligations Limited partners can not also be held individually responsible for the companys
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