When it comes to business structuring there are two basic forms of Partnerships: 1) General Partnerships; and 2) Limited Partnerships. General partnerships, of course, deal with shared management and responsibility of the partners.
LIMITED PARTNERSHIPS involve a structure where decision makers share general liability, while the limited partners are shielded from liabilities and decision making. This structure is recognized in two basic sub-forms: 1) Limited Liability Partnerships; and 2) Limited Liability Companies.
Both of these limited liability structures have pass through tax structures. The two limited liability structures can be set up in such a way as to determine control. There are subtle nuances in the way the two act. Limited Liability Companies seem to be the dominant arrangement for small businesses these days.