All business owners often choose a sole proprietor business structure when starting up. The road to entrepreneurship can be lonely. Greater rewards may result from forming a business partnership. Partnerships offer more freedom for business owners with shared business tasks and the potential to earn greater profits. A partnership business can be a relationship disaster or a positive experience.

A partnership is a business with more than one owner that has not filed papers with the state to become a corporation or limited liability company. There are two basic types of partnerships: general partnerships and limited partnerships. Our company is into general partnerships, the more common structure in which every partner has a hand in managing the business.General partners are those who have an obligation of strict liability to third parties incurred by the Partnership. General partners may have a joint liability or a joint and several liabilities depending upon circumstances. The liability of limited partners is limited to their investment in the partnership.

The partnership is the simplest and least expensive co-owned business structure to create and maintain.
A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners i.e. there is no dividend tax levied. However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.