# Partnerships

This is largely TBD.

There are three sorts of partnerships:

* general partnerships (GPs)
* limited partnerships (LPs)
* limited liability partnerships (LLPs)

One of the main differences consists in how many partners have limited liability:

* GPs: 0
* LPs: some but not all
* LLPs: all

However, LLPs are corporate bodies with legal personality, and feel a lot more like limited companies than the other types of partnership do.  An LLP feels like a partnership when considering tax and distribution of profits, but like a company when considering internal governance.

=> converting-llp-to-ltd.gmi Converting an LLP to a limited company