Partnerships are established when two or more people go into business together if the business is not operated as a corporation or a limited liability company (LLC). The three types of partnerships are:
General Partnerships,
Limited Partnerships, and
Limited Liability Partnerships (LLPs).
Owners of a business may also find out that they are legally in a partnership if there is more than one owner of a corporation or an LLC that has been improperly filed or involuntarily dissolved for lack of promptly filing an annual report. A partnership, much like a sole proprietorship, may be required to file an assumed name certificate. Although written partnership agreements are not necessary for all partnerships, it is useful to have such a document.
