What are the 4 types of partnerships?

The 4 types of partnerships are the general partnership, the limited partnership, the limited liability partnership, and the limited liability limited partnership. A GP gives every partner full control and full personal liability. An LP splits partners into general ones who run things and limited ones who only invest. An LLP shields each partner from the others' mistakes, which is why law and accounting firms use it. The LLLP extends that shield further and exists in some states only.

Some lists count three types and skip the LLLP; the LLC is a separate entity type people often mix in. Common examples: two freelancers sharing clients form a GP the moment they operate together, even with nothing signed.

Whatever type fits, the split of money, control, and exit belongs in writing.

Start that document from a partnership agreement template built for plain answers.