Definition:
A general partner in a partnership takes part in the daily operations of the partnership and is personally responsible for the liabilities of the partnership. In contrast to a general partner, a limited partner in a partnership has a share of ownership but he or she takes no part in managing the partnership. A limited partner is not liable for any amount greater than his or her original investment in the partnership, while a general partner is liable for all of the partnership's liabilities.
Both limited partners and general partners receive a share in profits and losses of the partnership, based on their percentage share of the partnership.
