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Other forms of business ownership include forming a partnership. This entity is owned by two or more individuals. There are two types of partnerships: a general partnership, where all is shared equally including the assets, profits, liabilities, and management responsibilities between the partners; and a limited partnership, where only one partner has control of the operations while the other partner contributes to and receives part of the profits. A partnership is ideal for anyone who wants to go into business with a family member, friend, or business partner. This entity allows the partners to share profits and losses and make decisions together. Having a well-drafted partnership agreement by an attorney is advisable so all the partners can be held responsible for their contributions, or lack thereof.

While general partnerships provide a means of raising capital more quickly and allow several people to combine resources and expertise, several problems commonly occur, such as partners having different visions or goals for the business, an unequal commitment in terms of time and finances, and personal disputes. Some advantages of a general partnership are shared financial commitment, the ability to pool resources, and generally, limited startup costs. Some disadvantages of a general partnership include partners being personally liable for business debts and liabilities, and each partner may also be liable for debts incurred by decisions made and actions taken by the other partners.