ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -A limited partnership has two types of partners: general partners and limited partners. It must have one or more of each type. All partner, limited and general, share the profits of the business. Each general partner has unlimited liability for the obligations of the business.

Detailed explanation-3: -In limited companies, the shareholders own the company, but the directors are responsible for operating it. Whereas in a partnership, the partners both own and run the business. A general partnership is relatively simple to set up. It requires multiple owners to jointly own and run the business.