What are the 4 Types of Partnership?

Here are the 4 types of partnership given below: 

1. General partnerships: In this type of partnership, all the partners have equal responsibility to manage the business, and a general partnership is all about each partner's contribution in the operation of the business, financial investments, and decision-making for the business. This partnership doesn't ned a formal agreement, but it is recommended that you have a formal agreement to stay out of trouble. The profits generated in the general partnership are distributed equally, and terms are adjustable on the basis of the partnership. 
    
2.  Limited Partnership: In this type of partnership, you will need a group of two or more partners. In general, all the partners manage the business, but in a limited partnership, a partner is only liable for their own investments. They have less participation in the decision-making, and it is mainly chosen by the individuals who are interested in investments, which is the best option for the larger investments and real estate projects. 
    
3. Limited Liability Partnership (LLP): A Limited Liability Partnership grants protection to all the partners from personal liability.  In the LLPs, partnerships are not responsible for any losses in the business or damages to the business by other partners' actions. Partnership can participate in the business management, but their assets remain undamaged and protected under the LLPs. It is a popular choice for the partnership, which helps them to get protection benefits with the flexibility of added security. 
    
4. Partnership at Will: This is a flexible type of partnership and a type of business arrangement in which the partnership can dissolve at any time when a single partner decides to leave. This type of partnership is governed by an informal agreement, and the main feature of this agreement is that all the partners are allowed to run the business as long as they agree.