Among the most common types of partnerships are general partnerships (GP), limited partnerships (LP), and limited liability partnerships (LLP).
General Partner:
May contribute capital and expertise to the partnership.
Limited Partner:
May only contribute capital (assets, cash, etc.) to the partnership.
Limited Liability Partnership:
Is an extension of a general partnership that limits the legal liability of all partners. General partners in this type of partnership have protection from the wrongful acts of the other partners, such as negligence, misbehavior, and other unprofessional conduct.