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You're starting a business – a huge endeavor, and you need a little operational knowledge. When deciding the best business structure for your business that you're starting with someone else, you may wonder if you should form a partnership, a limited liability company, a limited partnership, or a limited liability partnership. Well, we have all the details to make the right decision for your business. 🔔 Subscribe to our channel: / @simplify_llc 💡 What is an LLC? Limited Liability Company: Benefits and Disadvantages: • What is an LLC? Limited Liability Company:... 💡 LLC vs S CORP: Which One is Best for Business in 2022?: • LLC vs S CORP: Which One is Best for Busin... 💡 How-to guides for starting your own company: • How-to guides for starting your own company 00:00 Introduction 00:36 What's a partnership? 01:02 Multi-Member LLC 01:15 Limited Liability Partnership 01:27 Limited Partnership 01:48 General Partnership 02:10 Difference between a GP and an LP 02:36 Difference between an LP and an LLP 03:12 Partnership or LLC 03:53 Operational requirements for partnerships and LLCs 04:23 Partnerships and LLCs taxes GPs are easy to form, but they don't offer the liability protection that an LLC would. LPs and LLPs can provide liability protection to some partners but are not available in every state for every business type. If you want to learn more, we have how - to guides for starting and running your own company on our website ww.SimplifyLLC.com. #llcvspartnership #llc #simplifyLLC SimplifyLLC is an independent publication that provides free guides for small business owners. If you’re looking for business ideas and do-it-yourself guides on forming and operating an LLC, then SimplifyLLC is your go-to resource for simple, legal jargon-free information.