While some businesses, like a sole proprietorship, are owned and run by a single person, others happen to be partnerships. A partnership is when two or more entities run and manage a business and also share the profits. This may include individuals, corporations, or other legal entities. There are multiple types of partnership structures that exist and each serves a different purpose. For instance, some partners are more hands on, while others may offer capital and fade into the background. Types of Partnerships As mentioned there are multiple types of partnerships that can exist as it relates to a business. Every partner may contribute something different to the business with examples including capital, expertise, labor, or niche skill sets. General Partnerships A general partnership is one of the most equal types as all parties involved split legal and financial liabilities down the middle. What this means is that both parties are liable for any debt the organization has but also split any profit earned equally. General partnerships tend to be easy to establish since they’re informal business structures. All that’s needed is an agreement between