A parnership is legal arrangement thet allows two or more people tp share responsibility for a business.these partners share ownership and profits ,but they also share the work ,responsability ,and potential losses partnerships are often seen as having more favorable tax tratment than corporations
the main types of parnership are*
general partnership(GP):All partners share management and liability
limited partnership (LP): includes general partners (unlimited liability ) and limited partners (laibility limited to their investment)
limited liability partnership( LLP): All partners have limited laibility and are not responsible for others avtions
limited liability limited partnership (LLLP): A hybrid where both general and limited partners have some liability protection
joint venture: A temporary partnership for a specific peoject
strategic partnership: businesses collaborate without merging
silent partnership : A partner investes but does not praticipate in managemant
Equity partnership: partners gain ownership by investing vaîtam or resources