The major differences between limited partner and general partner are as follows −
Liable to extend of investment made.
Ownership is predefined in agreement.
Minimal control partner.
Profit/loss is shared according to investment proportion.
It has complex structure.
More paperwork is required.
Less participation in day to day business activities.
It has unlimited lability.
It has equal ownership right.
More control as compared to limited partner.
Profit/loss shared equally or according to agreement.
It has simple structure.
Less paperwork is required.
Major participation in day to day business activities.