A partnership consists of two or more individuals or entities who agree to contribute money, labor, property, or skill to
a business and share in its profits, losses, and management. You can have a general partnership or a limited partnership.
A general partnership is made up of investors who manage the business and have unlimited personal liability for its debts.
A limited partnership allows investors who will not be actively involved in the company's operations to become partners
without being exposed to unlimited liability for the business' debts, if it should go out of business. Every limited
partnership must have at least one general partner and at least one limited partner.
Limited Liability Partnerships and Limited Partnerships must register with DCRA’s Corporations Division. They should,
however, draw up a legal agreement outlining the partners' roles, responsibilities, and signatory rights before filing
DC and federal documents to operate in the District.
