Types of Partnerships:
1. General Partnership (GP) – Partners share management and liability.
2. Limited Partnership (LP) – One general partner is liable, while limited partners contribute capital only.
3. Limited Liability Partnership (LLP) – All partners have limited liability.
4. Limited Liability Limited Partnership (LLLP) – A hybrid of LP and LLP with additional liability protection.
5. Joint Venture (JV) – A temporary partnership for a specific goal.
6. Nominal Partnership – A partner lends their name to the business without financial liability.
7. Partnership at Will – An indefinite partnership that can be dissolved at any time.
8. Industrial Partnership – A partner contributes expertise or labor instead of capital.