A partnership is a legal business structure in which two or more individuals share management responsibilities and profits. The federal government acknowledges various types of partnerships, with the two most common being general partnerships and limited partnerships. In a general partnership, all partners are involved in the management and have unlimited liability for the partnership's debts. In a limited partnership, there are general partners who manage the business and have unlimited liability, and limited partners who invest capital but have limited liability.
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If your business will be owned and operated by multiple individuals, you may consider structuring it as a partnership. There are two types of partnerships: general partnerships and limited partnerships. In a general partnership, the partners are actively involved in managing the business and are personally responsible for its debts and obligations. On the other hand, a limited partnership consists of general partners who run the business and assume liability, and limited partners who are passive investors and have limited liability.
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