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A limited partnership consists of at least one general partner
and one limited partner. The general partner is potentially liable
for all the obligations of the partnership. The limited partner
has limited liability.
A limited liability company consists of one or more members which
may be individuals, partnerships, limited partnerships, trusts,
estates, associations, corporations, other limited liability companies
or other business entities. The members of a limited liability company
are afforded limited liability similar to shareholders of a corporation
and have pass-through taxes comparable to a partnership.
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