There are several types of partnerships, each with its own advantages and disadvantages:
General Partnership: In this type of partnership, all partners share equal responsibility for the management and liabilities of the business. Limited Partnership: This involves at least one general partner who manages the business and assumes liability, and one or more limited partners who invest capital but have limited liability. Joint Venture: A temporary partnership formed for a specific project or goal. Once the project is completed, the joint venture is dissolved.