An exception applies to a minor partner whose liability is limited to the amount of its share of the company`s capital and profits. In India, all partnerships are general partnerships. (i) A single limited partnership consists of two partners, namely limited liability partners and special partners or sponsors whose liability is limited to their capital contribution. It must have one or more general partners, as well as one or more special partners. A limited partnership liability limited (LLLP) is a new type of partnership available in some countries. It works like an LP, with at least one teammate partner running the business, but the LLLP limits the responsibility of the charge, so that all partners have liability protection. Partnerships are a common option for people who want to do business with other people. The concept of “partnership” has changed over the years, as businessmen have come to register new functions in the old form of business. The most commonly used types of partnerships are listed here with their features so you decide what type you want to use. Cons: a general partnership is an individual company without separation between the partners and the company. Since the partners are actively involved, their liability, as described above, is not limited. If a partner is sued, all partners are responsible. A partner`s personal property may be collected by a court or creditor.

In a general partnership, the responsibility of each partner is unlimited. This means that the company`s creditors can fully realize their debts from each of the partners by placing their personal property if it turns out that the company`s assets are insufficient to cover its debts. But there are still cases in professional practices (law, accounting, architecture, for example) where some partners want to be limited in the field of tasks and want to invest only because they have the protection of the responsibility of being in a limited partnership. If you can perform each function in-house, preserve quality and make a profit, then your company can`t get much out of a strategic partnership contract. But there is almost always the possibility of reducing the cost column or increasing the end result in each store, and that`s where strategic partners are useful. If there is a chance for your business to improve, there is a good chance that there is a partner who can help you.