Final answer:
The rights and liabilities of general partners and limited partners are listed in the partnership agreement. In a general partnership, all partners have equal rights and share in the profits and losses of the business. Limited partners have limited liability and limited control over the business.
Step-by-step explanation:
The rights and liabilities of general partners and limited partners are listed in the partnership agreement.
In a general partnership, all partners have equal rights and share in the profits and losses of the business. However, they also have unlimited personal liability, meaning their personal assets can be used to pay off the business's debts.
In contrast, limited partners have limited liability, meaning their personal assets are protected, but they also have limited control over the business and are not personally liable for its debts.