Limited liability partnership: In a limited liability partnership, partners have limited liability for the partnership's debts and obligations, similar to shareholders in a corporation. This protects their personal assets from being used to satisfy the partnership's liabilities.

Limited partnership liability: In a limited partnership, there are general partners who have unlimited liability and limited partners who have limited liability. Limited partners are not personally liable for the partnership's debts beyond their agreed-upon contributions.

General partnership liability: In a general partnership, partners have unlimited personal liability for the debts and obligations of the partnership. This means they can be held personally responsible for any losses or damages incurred by the partnership.

Winding up: After dissolution, the partnership goes through a winding-up process, where the remaining assets are liquidated, debts are paid off, and any remaining profits or losses are distributed among the partners according to their agreed-upon shares.

Dissolution of a partnership: A partnership can be dissolved through various means, such as expiration of the partnership term, mutual agreement of the partners, or court order due to a partner's misconduct or breach of the partnership agreement.

Termination: Once the winding-up process is complete, the partnership is officially terminated, and the partners are released from their obligations to each other and the partnership.

Fiduciary duties: Partners owe each other fiduciary duties, which include loyalty, honesty, and avoiding conflicts of interest. They are required to act in the best interests of the partnership and disclose any relevant information.

Duties of partners: Partners have a duty to act in the best interests of the partnership, exercise good faith and fair dealing, and contribute their agreed-upon capital and effort to the partnership.

Rights of partners: Partners have the right to participate in the management of the partnership, share in the profits and losses, and have access to the partnership's books and records.

Formation of a partnership: Partnerships are typically formed through a written agreement called a partnership agreement. This agreement outlines the rights, responsibilities, and contributions of each partner.

Types of partnerships: There are several types of partnerships, including general partnerships, limited partnerships, and limited liability partnerships. Each type has its own characteristics and requirements.

Definition of partnership: A legal agreement between two or more individuals or entities to carry out a business activity together, with the goal of making a profit.