One is to become a limited partner for a local firm.

一种是成为一家当地公司的有限合伙人；

A limited partner shall not be a managing partner.

有限合伙人不得成为执行事务合伙人。

There must be at least one general partner in a limited partnership.

有限合伙中至少必须有一位一般合伙人。

You have a general partner, then limited partners, and you don't hear about DPPs.

有了普通合伙人，再找有限合伙人，你们以前没听说过dpp。

The general partner takes on the liability; the limited partners don't have liability.

普通合伙人要承担责任，有限合伙人则不需要承担责任。