How General and Limited Partnerships Work | Introduction to Legal Structures

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Partnerships represent a common form of business ownership for businesses with more than one owner. The most common type of partnership is a general partnership. Typically--but not always--a general partnership places equal responsibility on the general partners. Both partners are also personally liable for the debts of the business.
Due to the unattractive nature of unlimited liability, business owners can also elect to utilize a limited partnership. Although they share many similarities to a general partnership, limited partnerships establish almost a tiered system (general partners and limited partners) allowing some owners to incur greater risk while others can be involved with relatively low risk.

[@ThisisJohnWilliams]

Very clear and organized breakdown

[@Kayz190]

Very good explanations easy to get everything

[@TiffanyChoable]

I like this! Very clear and organized

[@cryptoranty1286]

Hi there, such a good explanation! I'm a first year International business student and I was wondering if you or the viewers have some tips on how to gain more control over this education and really "own" the study. I'm a very curious guy and I like to learn. Thanks in advance to anyone who responds!

[@manpinder28]

What an awesome explanation!!

[@kaysayondadaily]

Very well explained video! I have subscribed to the channel hoping to receive more great business videos like this one. Great job!

[@shaungorham5479]

Thanks. Hungary

[@mrtoofresh4695]

Can you start a limited partnership without having a limited partner at the exact moment?

[@TN-cl2eg]

Greeeeeattt explanation - Thank you!!!

[@ounda2011]

thank you so much :) it's very helpful :)

[@Alanisbusinessacademy]

You're welcome!

[@dillonhonore3579]

Alanis Business Academy,Could you please make a video like this about the specific method of creating a sole proprietorship/partnership? (i.e, to start XYZ Limited, the partners would need ____, ____, and ____, but would also need to ____.) If there already IS such a video please paste the link as a reply to this comment.

[@solarisrealestate7531]

it can't be more than 2 persons for a general partnership ?

[@Charliyjose]

yes it can

[@Eufii]

thanks!

[@sethbrunin7265]

Thanks for speaking american

[@Alanisbusinessacademy]

We’ll I am, so use a term from the late Michael Porter I guess you can say that gives me a competitive advantage.