Types of Partnerships
Date: April 6, 2009
© Thomson Reuters 2009
A partnership arises whenever two or more people co-own a business, and share in the profits and losses of the business. Each person contributes something to the business — such as ideas, money, or property — though management rights and personal liability will vary depending on which of three modern partnership forms the business takes: general partnership, limited partnership, or limited liability partnership (LLP).
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Source: Reuters
