1/GENERAL PARTNERSHIP (GP):
A general partnership (GP) is a business structure where two or more individuals agree to run a business together and share its profits and liabilities. in this type of partnership:
All partners are equally responsable for managment of the business.Each partner has unlimited liability, meaning they are personally responsible for the debts and obligations of the partnership. The profit and losses are typically shared equally unless a diffrent agreement is made
2: Limited Partnership(LP):
is a type of partnership that includes two types of partners :
- -General Partners: These partners manage the business and have unlimited liability for debts of the partnership.
- Limited partners: These partners contribute capital but do not participate in management. Their liability is limited to the amount they invested in the business
This type of partnership is often used for investment purposes , such as real estate or private equity firms .
3/ Limited liability partnership (LLP) :
Is a business structure where :
All partners have limited liability , protecting their personal assets from all partnership's debts and legal obligations. unlike in general partnership , partners are not personally responsible for the misconduct or negligence of other partners.
LLPs are common in professional services , such as law firms, accounting firms , and consulting businesses.
4/ Joint venture (JV) :
is a temporary partnership between two or more parties to achieve a specific goal or complete a particular project .
It can be short term or long term , depending on the agreement. Each partner contributes resources such as capital , technology, or expertise . Profits and losses are shared based on the terms agreed upon by the parties
JVs are common in construction , technology development, and international business collaborations.
5/ Silent Partnership:
is a business relationship where:
One partner ( the silent partner) provides financial investment but does not participate in the day-to-day operations or management.
The active partner's liability is usually limited to their investment. this type of partnership is ideal for investors who want to fund a business without being involved in its operations.
And for conclusion each partnership has its own advantages and disadvantages, depending on factors like liability, control and profit-sharing. when choosing a partnership structure , partners should consider legal protection , financial risks and management roles .