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Different Partnerships

General Partnership:

A general partnership is the simplest form of partnership, where two or more partners share equal responsibility for the business's debts, profits, and losses. Each partner is personally liable for the partnership's obligations and actions, which means that their personal assets can be used to satisfy the partnership's debts.

Limited Partnership:

Limited Partnership: A limited partnership is a type of partnership where there are two types of partners: general partners and limited partners. The general partners have unlimited liability and control over the partnership, while the limited partners have limited liability and are passive investors.

Limited Liability Partnership (LLP):

A limited liability partnership is a partnership where the partners have limited liability for the partnership's debts and obligations. LLPs are typically formed by professionals, such as lawyers and accountants, and provide personal liability protection to each partner.

Joint Venture:

A joint venture is a partnership where two or more businesses or individuals collaborate on a specific project or business venture. Joint ventures are typically formed for a limited period of time, and each partner contributes resources, such as capital, expertise, or technology, to the venture.

Silent Partnership:

A silent partnership, also known as a sleeping partner or a dormant partner, is a partnership where one partner provides capital or other resources to the business but does not participate in the day-to-day operations or decision-making. The silent partner is typically not liable for the partnership's debts and obligations.

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