When associating with a company or an individual, there are two common types of partnerships: LIMITED PARTNERSHIP and GENERAL PARTNERSHIP.
In a Limited Partnership, the partner may invest funds in the business but are not involved in the day-to-day management of the business.
This type of partnership is very common in real states, where many partners may be involved under one general partner.
A General Partnership is the most common type of association. Unlike Limited Partnership, here all the partners are involved in day-to-day management. The partners are legally even.