General Partnership
➤ Two or more partners can form a company by registering a partnership. Partners invest equally, share the workload equally and received profits.
➤ A partnership is usually formed by a partnership agreement with all partners signing this contract.
Limited Partnership (LP)
➤ Two or more individuals or companies can form a limited partnership. An LP must have a minimum of one general partner and a limited partner.
➤ The General partner operate the business and is liable while a limited partner is mainly
an investor.
Limited Liability Partnership (LLP)
➤ A limited liability partnership can be formed by professionals like lawyers, chartered accountants, and other professionals.
➤ An LLP can be formed by two or more individuals or businesses, but all partners must be of the same profession.