In the limited partnerships, both the partners contribute to the development of the respective business but there is limited authority being assigned to each partner, regarding the management of daily operations of the business. Between the two, one partner is called as the general partner and another is called as the limited partner. The general partner has more control over the business operations than the limited partner. The limited partnership business conglomeration helps the limited partner to invest in the business without having to take the same levels of risks as that of a general partner.
The partnership agreements can be of various types such as family limited partnerships and private limited partnerships. The family limited partnership is a legal agreement, according to which, a family’s assets are combined into a single entity. Each member receives the respective shares in the partnerships. The private limited agreements are prevalent in the business corporations such as real estate and industrial businesses.
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