The types of partnerships are generally classified into several
categories.Herearethe main types.
General partnerships in this type of partnership all partners Share in the management of the business and its profits each partner has unlimited liability meaning they can be held personally for
the debts of the business
Limited partnership this type consists of at least one general partner and one more partners
Limited liability partnership in all LLP partners means they are not personally responsible for the debts of the business
Partnership by estoppel this type of partnership forms without a formal agreement it can arise from the Action of partners who operate together as a business even if there is no written contract
Strategic partnerships this type involves collaboration between two or more businesses to achieve a common goal while remaining distinct legal entities this can include joint ventures or strategic alliances