A partnership is a sort of business arrangement in which two or more individuals concur to split the gains and losses of a single firm. There are several kinds of partnerships, and each has benefits and drawbacks of its own. among the prevalent varieties are

The simplest and most typical sort of partnership is a general partnership, in which all partners share equally in the management of the company’s affairs as well as its profits and losses. Additionally, each partner is individually liable for the company’s debts and responsibilities, which is known as unlimited liability.

Limited liability partnership: This kind of partnership is preferred by experts in their fields, including attorneys, accountants, and architects. The partners in this kind of partnership are not individually accountable for the wrongdoing or carelessness of the other partners since they have limited responsibility.