Partnerships are a common type of business structure, allowing two or more individuals to join forces and share the risks and rewards of running a company. While there are many different types of partnerships available, they all involve an agreement between two or more parties who each contribute something unique—whether it be a capital investment, expertise, labor, or other resources—to achieve mutual goals.

Each partnership’s legal framework will depend on the specific needs and objectives of its members. In this guide, we will discuss some of the most popular types of business partnerships: general partnership (GP), limited liability partnership (LLP), joint venture (JV), and limited liability company (LLC). We will also examine how each one works so that you can decide which is best for your business.