rafe and rocky own a heating and cooling firm that they operate as co-owners. both take an active role in the management of the business, and each accepts unlimited liability. rafe and rocky operate as a

Partners with personal liability are co-owners of the general partnership, participate in its operation and share in its interests.
Common partners are often doctors, lawyers, or other professionals who are part of a larger company but have formed a partnership to maintain their independence.
For example, Fred and Melissa decide to open a bakery.
The shop is called F&M Bakery.
By opening the shop together, Fred and Melissa both became general partners of F&M Bakery, Inc.
It is important to note that each general partner must have an interest in the company.
The main difference between these partnerships is that the general partner assumes full operational control and unlimited liability for the company.
Limited partners have less responsibility and do not participate in day-to-day operations.

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