how does a partnership differ from other forms of business organization 
a partnership is a business structure that involves two or more individuals who agree to a set distribution of ownership responsibilities and profits and losses unlike the owners of llcs or corporations partners are personally held liable for any business debts of the partnership which means that creditors or other claimants can go after the partners personal assets because of this individuals who wish to form a partnership should be selective when choosing partners 1if partners don t have limited liability why set up a partnership partnerships have several benefits they are often easier to set up than llcs or corporations and do not involve a formal incorporation process through a government this has the added benefit of not being subject to the same rules and regulations that apply to corporations and llcs partnerships also tend to be more tax friendly 