Partnerships are seen as a type of business where partners or owners share the profits and/or losses of the business. The standard form of partnership is a general partnership, where all partners manage the business and are personally liable for its debts. Two other forms of partnerships are: limited partnerships (LP), in which certain limited partners relinquish their ability to manage the business in exchange for limited liability for the partnership's debts, and limited liability partnerships (LLP) where all partners have some degree of limited liability. Please seek a certified professional for additional information.