There are three types of business partnerships: general, limited and limited liability. A limited liability limited partnership is a fourth type that is not recognized in all states, according to Biz Filings.
A general partnership is easy to create, has a low cost of operation and few ongoing requirements such as annual meetings. Limited partners, who work well for short-term projects, are generally silent investors who are not involved in the day to day operation of the business. Limited liability partnerships, which provide personal asset protection for the partners, can only be created for certain types of professional service businesses such as accountants and dentists. A limited liability limited partnership is a modification of a limited partnership that gives general partners limited liability for debts, states Companies Incorporated.