General Partnership (GP)
General partnerships are sole proprietorships, except more than one person owns and operates the business. Unless you take a specific action, you and your partners are considered general partners by default.
Doing business this way offers no personal asset liability protection. Additionally, profits and losses pass through to regular income taxes.
Partnerships can also be organized as limited partnerships (LP) and limited liability partnerships (LLPs). Under an LP, one partner has unlimited liability while all others have personal asset protection. Under an LLP, all partners have limited liability protection. You must formally register in order to organize as an LP or LLP.