Some business partners are so caught up in the idea of starting the business that they don`t take the time to discuss the role each party will play in the successful start of the business. A partnership agreement defines these roles and lists the tasks and position of each partner in the agreement. This helps reduce confusion and conflict between members about what each person should bring. LIMITED PARTNERSHIPS In a limited partnership, one or more partners are general partners and one or more limited partners. General partners are personally liable for the Debts and Judgments of the Company against the Company; they can also be directly integrated into management. Limited partners are essentially investors (silent partners, so to speak) who do not participate in the management of the company and are not liable beyond their participation in the company. . . .