Final answer:
An industrial partner contributes expertise or services to a partnership, while a limited partnership limits liability to the financial contribution made.
Step-by-step explanation:
A partner who contributes his expertise, services, or industry to the common fund of the partnership is called a industrial partner.
In the context of general and limited partnerships, industrial partners contribute non-monetary assets such as skills, knowledge, or labor, rather than capital investment.
General partnerships require a collaborative approach among owners in managing the business, sharing profits, and assuming responsibility for business debts, which introduces the risk of personal liability.
However, a limited partnership offers protection to the limited partners by capping their liability to the extent of their financial contribution and shielding personal assets from business-related debts.