The partnership is one of the simplest business structures available, but there are still some legal complexities associated with forming and running a partnership. For instance, both general partnerships and limited partnerships are recognized by the law; the liability protections, obligations and rights of owners will differ depending on the type of partnership chosen. The rules governing partnership agreements are also very important as the agreement you draft will dictate how you and the other owners work together to run your company, split profits or sell your interests in the business. Taxation is also addressed under laws governing partnerships, with the law establishing the rule of pass through taxation. To learn more about these regulations and other laws governing businesses organized as a partnership, visit the links on this page.