Partnerships come in the form of general partnerships and limited partnerships. There are also limited liability partnerships “LLP,” which are very similar to LLCs.
In a general partnership, the partners are general liability, jointly and severally, for the organization’s liabilities. In a limited partnership, only the general partners are liable for the organization’s liabilities, while the limited partners are not. In a limited liability partnership, none of the partners are liable for the liabilities of the organization.
Partnerships are appropriate in certain circumstances. We are happy to discuss whether they may be suitable for you when you call.