Partnership: a business owned by two or more people who divide up responsibility and profit. There are three types: a general partnership, a limited partnership, or a limited liability partnership.
A general partnership is when all the partners share profit and liability.
A limited partnership is when one partner is the general partner and they have unlimited liability just like a sole proprietor. The other partner or partners only contribute money and they can only loose the investment that they put into the company.
A limited liability partnership (LLP) is when all the partners are limited partners. It functions like a general partnership, however in certain situations (like if your partner makes a mistake) you have limited liability in a situation.
A general partnership is when all the partners share profit and liability.
A limited partnership is when one partner is the general partner and they have unlimited liability just like a sole proprietor. The other partner or partners only contribute money and they can only loose the investment that they put into the company.
A limited liability partnership (LLP) is when all the partners are limited partners. It functions like a general partnership, however in certain situations (like if your partner makes a mistake) you have limited liability in a situation.
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A business franchise is a business that pays fees to a parent company to sell a certain product or service in an area.
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