In a limited partnership, the _partner has unlimited personal liability for the debts of the partnership; the ____partner is liable only to the extent of his or her capital contribution

A limited partnership is when two or more people come together to form a business where at least one partner has unlimited liabilites and other partners have limited liabilities.

The partner with unlimited liabilities is known as the general partner. The general partner is usually involved in the daily running of the business.

The partner with limited liabilities is known as the limited or silent partner. The limited partner isn't usually involved in the running of the business.

In a limited partnership, the _________partner has unlimited personal liability for the debts of the partnership; the ____________partner is liable only to the extent of his or her capital contribution

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In a limited partnership, the _partner has unlimited personal liability for the debts of the partnership; the ____partner is liable only to the extent of his or her capital contribution