A business partnership is an association of two to twenty people called partners who operate jointly in business whose objectives are investment returns. Such persons may be individuals, companies or trusts. Each partner contributes capital, labor, assets or expertise to the partnership. It is essential that all members involved in the partnership formalize the relationship through a written agreement in order to avoid future disputes. The agreement establishes the sharing of profits and losses. The associates are correspondingly responsible for the overdue amount, in the company. Characteristics of a partnership; may be formed for an unknown time, each member is seen as an agent of every other member of the partnership. The partner's private assets are tied to business obligations, equality of shares or interests unless otherwise, and ownership interests cannot be transferred without the consent of all owners (Aronsohn, 1957 p 100). Limited liability company (LLC). This is a form of business amalgam that borrows from a combination of partnership and corporation principles. The LLC may be owned and operated by one or more individuals designated as members of the LLC. LLCs have no investor shareholders and do not issue shares. An LLC protects members from private liability for the company's business obligations and professional management activities. In any case, if the LLC has debts or is involved in a lawsuit, the members of an LLC are not obligated to satisfy the liability or receive compensation from their personal finances. Another advantage of LLC is that a multi-member LLC has certain tax advantages. In the United States, the LLC is treated as a passthrough entity, meaning that the income of the… paper medium… of business decisions. A partnership is a relationship between two or more partners who are in business with the goal of making a profit. The agreement between the two parties must be clearly defined. The main types of partnerships discussed in this article include; limited liability company (LLC), a limited liability company (LLP), and a limited liability company (LLLP). A private limited company borrows its principles from a general partnership and a joint stock company while in a private limited company; some members have limited liability as shareholders. In an LLLP, there are limited partners and general partners, both with limited liability for the debts and obligations of partners who do not trust each other. The law can be used to hold limited partners of an LLP liable for the company's debts and obligations.