Malvadesign

Unlike limited partners, general partners are. personally liable to the partnership creditors. This is because at least one general partner is needed in a limited partnership so that someone has personal liability. This policy can be circumvented in countries that allow a corporation to be a general partner in a partnership. Because the corporation has limited liability by virtue of corporate laws, no one in the limited partnership in this case has personal liability.
With some limitations, limited partners have essentially the same rights as general partners. These rights include the right to access partnership books and the right to other information regarding partnership business. When the partnership is dissolved, they are entitled to a return of their contributions according to the terms of the partnership interest, They may also assign their interests subject to the terms provided in the certificate.
A limited partner can forfeit limited liability by taking part in managing the business. The formation and creation of a limited partnership is a public and formal proceeding that must follow statutory requirements. The exemptions from personal liability of the limited partners rest on their not participating in management. The surname of a limited partner cannot be included in the partnership name. A violation of this provision renders the limited partner just as liable as a general partner to any creditor who does not know that he or she is a limited partner. Note that no law expressly bars the participation of the limited partners in the management of the partnership. Rather, the threat of personal liability normally deters their participation .