The types of partnerships are generally classified into several categories. Here are the main types:
1. General Partnership: 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 responsible for the debts of the business.
2. Limited Partnership: This type consists of at least one general partner and one or more limited partners. Limited partners do not participate in the day-to-day management of the business, and their liability is limited to their investment in the partnership.
3. Limited Liability Partnership (LLP): In an LLP, all partners have limited liability. This means they are not personally responsible for the debts of the business. This type of partnership is often used by professionals such as lawyers and accountants.
4. Partnership by Estoppel: This type of partnership forms without a formal agreement. It can arise from the actions of partners who operate together as a business, even if there is no written contract.
5. Strategic Partnership: 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.
6_ Silent partnership
7_ equity partnership
8_ joint project