What are the different types of partnerships?

There are several types of partnerships, primarily categorized as general partnerships, limited partnerships, and limited liability partnerships (LLPs). In a general partnership, all partners share management responsibilities and liabilities. Limited partnerships consist of at least one general partner who manages the business and one or more limited partners who provide capital but have restricted liability. LLPs protect individual partners from personal liability for certain business debts, allowing for a combination of management and limited liability benefits.