A limited liability ... nature of a general partnership, there is a downside. The most obvious risk is that of legal liability. In a general partnership, all partners share liability for any ...

The specifics of profit sharing should be laid out in writing ... detailing what events are grounds for expelling a partner. Limited Liability Partnership Limited liability partnerships (LLPs ...

Limited Partnerships ... report their share of the business's profits or losses on their taxes. LPs and LLCs are types of business structures. While both limit the investor's liability to their ...