Limited partnerships in a small business are quite common. However, the terms of the partnership must be legally established. In most cases, it means that the owner needs help to establish the business; but wants to remain in control of the daily operations and employee choices. In other words, the limited partner is a silent partner who helps finance the venture, but then leaves the other partner to totally run the business. However, it still requires legal documents to specify how profits and losses are to be shared, and what will happen with the business if one of the partners sells out or passes away.