as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
describe the difference between an llc and a limited partnership
user
the primary difference between an llc and a limited partnership is that a limited partnership has two or more partners with rights to manage the company, while an llc has only one managing partner. another difference is that a limited partnership has fewer restrictions when it comes to distributing profits among the partners, while an llc is a separate legal entity with a shared responsibility for liabilities and profits.
assistant