LIABILITIES OF GENERAL AND LIMITED PARTNERS IN A LIMITED
PARTNERSHIPS
According to the textbook, a partnership is a voluntary association composed of two or more
people. Regardless of whether it intends to establish a partnership, it is engaged in for-profit
business as co-owners under the Revised Uniform Partnership Act (RUPA). It is a business
arrangement in which a business will be owned and operated by a number of people, known as
partners of the business. The two are different from each other based on how these partnerships
are run, and how liable the partner will be for any debts or losses made by the firm (Cheeseman,
2020).
Limited partners are those that invest in a business that is already in operation; thus, they are
