A Limited Partnership Is An Agreement Between At Least

All partners are jointly and severally liable for the debts and obligations of the partnership. Some partners may be exposed to different personal risks due to the failure of the partnership. A successful partner may be much more inclined to take a significant risk. A less fortunate partner can risk all personal assets. To protect the interests of all partners, essential purchases may require the unanimous agreement of all partners. As a rule, business decisions are made by the majority of shareholders. However, if the impact on certain partners is significant, the partnership may want to make these decisions unanimously in order to protect the interests of each partner.