Partnership
A partnership is a business where two or more individuals, known as partners, collaborate for profit. Each partner contributes resources, skills, or capital, sharing profits and losses based on the partnership agreement. Types include general partnerships, limited partnerships, and limited liability partnerships, each with distinct characteristics in liability, management, and taxation. Governed by the partnership agreement and applicable laws.
Diverse Partnership Models for Varied Endeavors
General Partnership (GP)
A versatile business structure fostering collaboration and resource-sharing among partners is commonly utilized in small businesses, professional practices, and joint ventures.
Professional Partnership
Formed by licensed professionals such as lawyers, doctors, accountants, architects, or engineers, delivering specialized services within their respective fields.
Limited Liability Partnership (LLP)
A hybrid entity combining features of limited partnership and limited liability partnership, ensuring all partners, including general partners, have limited liability.
Equity Partnership
Partners contribute capital in the form of cash, assets, or resources for ownership interest (equity), with profit, loss, and liability sharing based on ownership stakes.
Family Partnership
A collaborative venture among family members, jointly owning and operating a business. Contributions, profits, losses, and responsibilities are outlined in the partnership agreement.
Educational Partnership
Collaboration between educational institutions, businesses, non-profits, government agencies, and community groups, aimed at achieving mutual educational goals. Enhances learning experiences and addresses challenges in the education sector.
Technology Partnership
A collaborative relationship between entities, often businesses or organizations, leveraging technology to achieve shared goals. Focuses on developing, implementing, or utilizing technology solutions for innovation and competitiveness.