Two Types of Partners
A limited partnership is a distinctly different business form than a general partnership. Limited partners have no voice in how the business is managed. The management of a limited partnership business may or may not have officers and a board of directors. The level of management structure depends on the size and purpose of the limited partnership
A limited partnership must have at least one general partner and one limited partner. The general partners run the business of the partnership have unlimited liability. A limited partner is not involved in business operations or management. Limited partners can be viewed as investors in the business, entitled to receive a proportionate share of the partnership profits.