The three types of partnerships are:
A) sole, general, and specific.
B) general, unlimited, and specific liability.
C) specific, general, and generic.
D) general, limited, and limited liability.

Question

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The three types of partnerships are general, limited, and limited liability. General partnership involves equal sharing of profits and losses and each partner can take part in the management of the business. In limited partnership, there are two types of partners- general partners who have unlimited liability and participate in management, and limited partners who contribute capital but don't participate in management and have limited liability. Limited liability partnership (LLP) combines the advantages of a corporation with those of a partnership. It provides limited liability protection to its partners while also allowing them to participate in management.

The Three Types of Partnerships Are