Explain the Types of Partners in a Limited Partnership

question 18

Essay

Explain the types of partners in a limited partnership. What are their liabilities? Who is permitted to join as a partner to such a partnership?

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Definitions:

Thai Baht

The official currency of Thailand, coded as THB and symbolized as ฿.

Cash

The most liquid form of asset, representing currency or its equivalent that is accepted for the exchange of goods, repayment of debt or in meeting expenses.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.

Accounts Receivable

Accounts receivable refers to the money owed to a company by its customers for goods or services delivered but not yet paid for.