General Partnership - Each partner is equal in stature and risk. While different partners may have invested different amounts each has accepted equal risk. Reward, or profits are distributed equally amongst the partners. Each partner has assumed a different element of control, investment and risk. The same is true for reward.
Every partnership draws up a contract that dictates elements of control and reward.
Typically a partner that assumes greater financial risk corresponding with greater investment demands greater control. Usually in this type of partnership there is someone called the managing partner . This is the partner who has assumed managerial control. While the managing partner typically has invested the most, this may not be so. Silent Partnerships - A silent partner may exist in either a general or limited partnership.