In a limited partnership, there can be one or more named partners, however only one person is named as the General partner. General Partners are responsible for management duties, and share the firm's profits while taking some liability for the debts. Let's face it, it's a common American dream to have a nice house, a good paying job and most of all, a stable happy family. Limited partnership owners, as well as millions of other Americans strive to reach their own dreams every day. Many qualified professionals can help you achieve your limited partnership goals.