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1. A secret partner is active in the business but unknown to the public. A silent partner is inactive in the business but is known to the public as a partner.
2. A limited partner contributes cash or property to the business but may not take part in operations. A general partner is a fully active partner. A silent partner is inactive in a general partnership but is known to the public. A secret partner is active in the partnership but is unknown to the public. A dormant partner is neither active in the partnership nor known to the public.
3. In a general partnership, all partners share liability for debts and torts. In a limited partnership, the limited partner is not bound by the obligations of the partnership and is not liable beyond the limited investment.
4. In a limited partnership, only the limited partners have limited liability, but they cannot participate in management. In an LLC, all members have limited liability and may participate in management.
5. The limited partners enjoy limited liability and can also participate in management.
