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Business Facts

  • There are 28 million small businesses in the U.S. -- which outnumber corporations 1162 to 1.
  • 70% of small businesses are owned and operated by a single person.
  • Small businesses employ 57% of the country's private workforce.
  • Small businesses pay 44% of U.S. payroll.
  • Only 50% of businesses survive five years.
  • Immigrants make up 12.5% of small business owners nationwide.
  • 60 to 80% of all new jobs come from small businesses.

For further assistance with filing a Partnership or questions regarding the process please contact our  specialists at 888-300-3039.

A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business.

Types of Partnerships

  • General Partnerships - Partnerships have certain default characteristics relating to both (a) the relationship between the individual partners and (b) the relationship between the partnership and the outside world. The former can generally be overridden by agreement between the partners, whereas the latter generally cannot be done. The assets of the business are owned on behalf of the other partners, and they are each personally liable, jointly and severally, for business debts, taxes or tortious liability.

  • Limited Partnerships - A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). It is a partnership in which only one partner is required to be a general partner.

  • Limited Liability Partnerships - is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations.In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from the traditional unlimited partnership under the Partnership Act 1890, in which each partner has joint and several liability. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation.


Partnerships (LP) (LLP) (GP)