Question

Three types of business​ organizations) Limited partnerships have two classes of partners. The _____ limited general partner actually runs the business and faces unlimited liability for the​ firm's debt, while the ______ limited general partner is only liable up to the amount the ______ limited general partner

Answer 1

Answer:

General; limited; limited.

Explanation:

Limited partnerships have two classes of partners. These two (2) classes are;

1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.

2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.

Hence, the general partner actually runs the business and faces unlimited liability for the​ firm's debt, while the limited partner is only liable up to the amount the limited partner invested.