Types Of Partnership | Franklin I. Ogele

A partnership is a type of business operated and managed by multiple owners. Following are the types of partnerships:

1. General Partnership: In this type of partnership, each partner has total liability and is responsible for all the business’s debts.

2. Limited Partnership: One partner has unlimited liability and the others have limited liability. Only one partner manages the business with unlimited liability.

3. Limited Liability Partnership: All the partners manage the business but the type of liability may differ.

4. Limited Liability Limited Partnership: In this type of partnership in which one partner is responsible for managing the business but unlike LLP, all the partners have limited liability. 

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