Final answer:
A general partner actively participates in management and has unlimited liability, while a limited partner has limited liability and does not participate in management. A certificate of limited partnership is a legal document that establishes the existence of the limited partnership.
Step-by-step explanation:
In a limited partnership, there are two types of partners: general partners and limited partners. A general partner actively participates in the management of the partnership and has unlimited liability for the partnership's debts and obligations. On the other hand, a limited partner does not participate in the management and has limited liability for the partnership's debts, only up to the amount they have invested in the partnership.
The significance of a certificate of limited partnership is that it is a legal document that establishes the existence of the limited partnership. It typically includes information such as the partnership's name, address, purpose, duration, and the names of the general and limited partners. The certificate of limited partnership is filed with the appropriate government agency to formalize the partnership's legal status.