What are some of the common types of partnerships?
The most common forms of business organizations include:
partnership
limited partnership
limited liability company
The type of business that you operate determines issues such as the extent of personal liability that you have from the business and how the business is taxed.
The legal structure of your business is extremely important. State law enables you to create a legal entity - a separate "identity" from your own person - under which you can transact business, without the risk of exposing your assets to any personal liability that might arise out of your business affairs.
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