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Which of the following roles best fits the situation? Kevin wants to create a business but is not sure what role is best for
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Answer #1

Limited Partnership is a type of partnership in which liability of partner is limited to the extent they contributed their capital.

Limited Partner is a Partner who contributes a capital only , i.e, financial interest only.

General Partner is the partner who operates the partnership firm and is liable for the operations of firm.

In the above case, Kelvin is having capital and several partners to begin a business. A limited liability partnership should be created as other partners are having financial contribution. He has management expertise hence he should choose to be a General Partner in this arrangement.

Hence, Option 2.General Partner in limited Partnership.

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