The business is jointly owned and run by the partners. Each partner has the right to manage the business and can individually sue on behalf of the partnership. The decision-making process, and exactly how the business is run can be varied by the terms of the partnership. However, limited partnerships operate differently. The general partners run the business - their rights and obligations are the same as for the partners in an ordinary partnership.
Limited partners contribute capital to the business, but have no management powers at all.
If there is no partnership agreement, or if the agreement does not cover certain points, the Partnership Act of the relevant state or territory applies and will set out the terms of the partnership. Format this article for printing Telstra is not a qualified adviser and this information has been prepared without taking into account any individual circumstances. You should seek advice from a professional adviser before relying on any of this information. This information is provided to Telstra by its licensors. Telstra has not checked the accuracy of the information and does not endorse the information, nor does it or its licensors accept any responsibility or liability for the accuracy of any information contained on this site.