![]() Therefore, one partner who is not exercising sound judgment could cause the loss of the assets of the partnership as well as the personal assets of all the partners. There are no statutory audit requirementsĮach partner may be held liable for all the debts of the business. He shares in the profits and losses, but their liability is restricted to their specific contribution or to an agreed amount. ![]() Commanditarian Partnership: the partner is purely a financial participant with a restricted liability-similar to a shareholder in a company. ![]()
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