There are three main types of business partnerships:
1. General Partnership: A general partnership is the most traditional form of partnership. Here, two or more individuals are involved and share equal responsibilities and liabilities.
2. Limited Partnership: A limited partnership is a partnership between one or more general partners who have unlimited liability for the debts and obligations of the partnership and one or more limited partners who have limited liability for the same.
3. Limited Liability Partnership: A limited liability partnership (LLP) limits the liability of all the partners. In an LLP, each partner is not responsible or liable for another partner’s debts, actions or negligence.
