Question

What is the difference between a limited partnership and a limited liability partnership?

In a limited liability partnership, all partners are protected from liability in some situations.


In a limited partnership, partners cannot lose the money they have invested.


In a limited liability partnership, only one partner manages the business.


In a limited partnership, every partner is responsible for the company’s actions.

Answer 1

If you're a limited partnership, the partner has unlimited liability for company losses and debts, however a limited partner has limited liability protection against debts and losses