All business owners often choose a sole proprietor business structure when starting up. The road to entrepreneurship can be lonely. Greater rewards may result from forming a business partnership. Partnerships offer more freedom for business owners with shared business tasks and the potential to earn greater profits. A partnership business can be a relationship disaster or a positive experience.

A partnership is a business with more than one owner that has not filed papers with the state to become a corporation or limited liability company. There are two basic types of partnerships: general partnerships and limited partnerships. Our company is into general partnerships, the more common structure in which every partner has a hand in managing the business.General partners are those who have an obligation of strict liability to third parties incurred by the Partnership. General partners may have a joint liability or a joint and several liabilities depending upon circumstances. The liability of limited partners is limited to their investment in the partnership.

The partnership is the simplest and least expensive co-owned business structure to create and maintain.