Examlex
Define the following:covert observer
General Partner
A principal in a partnership who has unlimited personal liability and takes part in the management of the business.
Limited Partnership Status
A legal status for a partnership where some owners contribute capital and enjoy profits but do not participate in the management, thus limiting their liability.
General Partner
In a partnership, a party who assumes full liability for the partnership's debts and responsibilities.
Limited Partner
A type of investor in a partnership who has limited liability and is not involved in the day-to-day management of the business.
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