What is a partnership?
A partnership is a business which involves two or more individuals who share the profits and losses of their business. A partnership is based on a belief, fairness, and mutual understanding and obligations.
There are 3 types of partnerships:
General Partnership
In general partnership, each partner shares equally their work, ability and all of the profits. All of the general partnership owners are actively involved in the business activities and operations.
You don't have to record with your position and compensate a fee, as you do to launch a business or limited liability company.
Also filing revenue tax come back is easy.
You need to be careful by choosing the right partners in a general partnership, because your partner may have dissimilar apparitions or aims for the business. Also, you may find it difficult to find investors.
Limited Partnership
A limited partnership is almost like a general partnership, but the difference is that a limited partnership must have at least one limited partner.
In a limited partnership, it benefits from a quantity of reimbursement with a limited partnership.
A limited partner is defended from the size of the liability.
Limited Liability Partnership
In this type of partnership, some or all partners have limited liabilities. All partners are not responsible for each other in LLP.
Each associate is in charge only for the quantity of money he has given or guaranteed to the partnership.
Each one of the partners is not "individually accountable."
Which of the partnership do you think is the best?
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