MANAGEMENT

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: -Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).

Detailed explanation-3: -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-4: -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-5: -Yes, you can become partner in all the mentioned partnership firms. But, you must remember one thing that, any of the partnership deeds must not contain the clause that “a partner cannot hold any other partner position".