4.17 General Partnership-Act of Partner is Act of All Partners is a type of business structure in which two or more people come together to form a business. This type of partnership is formed when all partners agree to share in the profits and losses of the business, as well as the management and practical decisions. All partners are jointly and severally liable for the debts and obligations of the business. The partnership may be formed either by express agreement or by implication. Types of 4.17 General Partnership-Act of Partner is Act of All Partners include: • General partnerships: This type of partnership is created when two or more people come together to form a business. All partners are jointly and severally liable for the debts and obligations of the business. • Limited partnerships: This type of partnership is formed when two or more people come together to form a business. In this type of partnership, one or more partners are liable only to a certain degree while the other partners are liable for the full amount of the debts and obligations of the business. • Limited Liability PartnershipsLapsPs): This type of partnership is formed when two or more people come together to form a business. In this type of partnership, all partners have limited liability, meaning that each partner will not be personally liable for the debts and obligations of the business.