Blake and Eric go into business. They choose limited partnership as their business structure. Blake is a limited partner; Eric is a general partner. Which of the following is correct

$1)$

Both Blake and Eric have limited liability, which means that their liability is limited to the amount of money they contributed to the business $($their capital contribution$).$

$2)$

Blake's liability is limited; Eric has personal liability, which means that if the assets of their partnership are not enough to satisfy a creditor, the creditor can collect from Eric personally.

$3)$

Both Blake and Eric can be involved in running the business.

$4)$

The limited partnership form of business is only available for professionals, like accountants.