Types of Partnership

The video tutorial explains different types of partnerships: general partnerships, limited partnerships, and limited liability partnerships (LLPs). General partnerships involve equal sharing of responsibilities and profits among partners, without the need for state filing. Limited partnerships allow for partners who contribute capital but do not engage in daily operations, limiting their liability to their investment. LLPs are designed for professional practitioners, offering liability protection while allowing them to operate collectively. Each partnership type has distinct characteristics and legal implications.

What is a general partnership and how is it characterized?

What distinguishes a limited partnership from a general partnership?

Explain the role of a limited partner in a limited partnership.

How does the liability of general partners differ from that of limited partners?

What is a limited liability partnership (LLP) and who can form one?