1. Partnerships

2. Partnerships
A business that is owned by two or more people called “partners”
Partners must come to an agreement on every aspect of the business

3. Limited Liability Partnership (LLP)
Types of Partnerships
General Partnership
Limited Partnership
Limited Liability Partnership (LLP)

4. All partners share responsibilities and liabilities equally.
General Partnership
All partners share responsibilities and liabilities equally.
Ex – If a restaurant gets robbed, all partners are equally liable for the losses
If a general partnership fails, it’s usually due to a lack of shared responsibility

5. Limited Partnership Only one partner has unlimited liability
They are called the general partner
The remaining partners contribute only money
They can lose only their original investment

6. Limited Partnership Only one partner has unlimited liability
They are called the general partner
The remaining partners contribute only money
They can lose only their original investment

7. Limited Liability Partnership (LLP)
All partners are limited partners
All partners have limited personal liability in certain situations
Usually for a partners mistakes
Usually reserved for professional firms
Lawyers, doctors, dentists, etc…