BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.

Detailed explanation-2: -A partnership business, by definition, consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.

Detailed explanation-3: -An LLC partnership can have two or more owners, called members. Limited liability companies with multiple members are referred to as multi-member LLCs or LLC partnerships.

Detailed explanation-4: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states.

Detailed explanation-5: -There are four types of business partnerships: LLC partnership (also known as a multi-member LLC) Limited liability partnership (LLP) Limited partnership (LP) General partnership (GP)