A business partnership is an association between two to twenty people called partners who are in business jointly and whose objectives are to generate a return on investment. These people may be individuals, corporations or trusts. Each partner contributes capital, labor, goods or expertise to the partnership. It is imperative that all members involved in the partnership formalize the relationship through a written agreement in order to avoid future disputes. The agreement dictates the share of profits and losses. The partners are therefore responsible for the overdue amount on the company. Characteristics of a partnership; it can be formed for an unknown duration, each member is considered the agent of all other members of the partnership. The private assets of the partner are attached to business obligations, equal shares or interests, unless otherwise stated and the participation cannot be transferred without the consent of all owners (Aronsohn, 1957 p 100). Limited liability company (SARL). It is a form of corporate amalgamation that borrows from a combination of partnership and corporate principles. The LLC may be owned and managed by one or more people called LLC members. SARLs do not have investor shareholders and do not issue shares. An LLC protects members from private liability for business obligations and professional management activities of the business. In any case, if the LLC suffers from debts or is involved in a lawsuit, the partners of an LLC are not required to fulfill their liability or obtain compensation from their personal finances. Another advantage of LLC is that a multi-member LLC enjoys certain tax advantages. In the United States, the LLC is treated as a pass-through entity, meaning that the middle income of the paper decisions in the business. A partnership is a relationship between two or more partners who are in business for the purpose of making a profit. The agreement between the two parties must be clearly defined. The main types of partnerships discussed in this article include: limited liability company (LLC), limited liability partnership (LLP), and limited liability partnership (LLLP). A limited liability company borrows its principles from a partnership and from a corporation when in a limited liability company; certain partners have limited liability as shareholders. In an LLLP, there are limited partners and general partners who both have limited liability over the debts and obligations of the partners who do not trust each other. The law can be used to hold limited partners of an LLP liable for the debts and obligations of the company..