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A Limited Partnership is in several ways similar to an Ordinary Partnership, though it provides for two types of partners. One partner whose liability is limited and the other partner whose liability is unlimited.
- The Ordinary Partnership is a business set up by a minimum of two persons.
- The persons are joint partners who share unlimited liability for all the Partnership's obligations.
- It is not mandatory to register an Ordinary Partnership but partners can choose to do so as provided in Section 1064 of Thai CCC, reads in part "An ordinary partnership may be registered."
- Each partner is, jointly and severally, personally liable for debts and taxes of the partnership. For example, if the partnership assets are insufficient to satisfy a creditor's claims, the partners' personal assets are subject to attachment and liquidation to pay the business debts.
- Each partner may be held jointly and severally liable for a co-partner's wrongdoing or tortuous act (e.g. the misapplication of another person's money or property).
- Unless otherwise provided in the partnership agreement, no one can become a member of the partnership without the consent of all partners.
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