Partnerships

This is largely TBD.

There are three sorts of partnerships:

• general partnerships (GPs)
• limited partnerships (LPs)
• limited liability partnerships (LLPs)

One of the main differences consists in how many partners have limited liability:

• GPs: 0
• LPs: some but not all
• LLPs: all

However, LLPs are corporate bodies with legal personality, and feel a lot more like limited companies than the other types of partnership do. An LLP feels like a partnership when considering tax and distribution of profits, but like a company when considering internal governance.