In which type of partnership may a person be both a general and a limited partner?

In a limited partnership, individuals have the potential to hold dual roles, acting as both general and limited partners. The structure of a limited partnership allows for at least one general partner who manages the business and has unlimited liability, while one or more limited partners can contribute capital without engaging in day-to-day management and have their liability limited to their investment.

The unique aspect of a limited partnership is that a person can be designated as a general partner who takes on full responsibility for the partnership's obligations, while also being a limited partner who enjoys protection from liability beyond their investment. This dual capacity can provide flexibility in management and investment roles.

In contrast, a general partnership does not allow for such differentiation; all partners typically share management responsibilities and liability equally. A limited liability partnership (LLP) emphasizes the protection of partners from liabilities but does not enable a partner to simultaneously function in both roles as in a limited partnership. Partnership by estoppel does not formally establish a partnership but provides certain legal protections under specific conditions; it does not create a scenario where a person can exist as both a general and limited partner. Thus, the correct answer highlights the distinguishing feature of a limited partnership regarding these roles.