MANAGEMENT

Detailed explanation-1: -In fact, there are four main types of business entities: a partnership, a sole proprietorship, a corporation and a limited liability company. 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.

Detailed explanation-2: -A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.

Detailed explanation-3: -A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business. Publication 541, Partnerships, has information on how to: Form a partnership.

Detailed explanation-4: -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-5: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).