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Types of partnerships

Published on Feb 03, 2016

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TYPES OF PARTNERSHIPS

ALYSSA MILLER
Photo by International Livestock Research Institute
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A partnership arises whenever two or more people co-own a business, and share the profits and losses of a business.

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General partnerships

  • Two or more owners carrying out a business purpose
  • Both share equal rights
  • Both assume full responsibility
4.

Limited partnerships

  • Allows each partner to restrict his or her personal liability
  • Benefits from business profits
5.

Limited liability partnerships

  • Offer some liability protection
  • Not personal responsible for company losses
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