Below are various types of LLCs:. General Partnership: In this type of business there is more than one partner involved. In this type of partnership all the co-owners are involved the debts, business transactions and taxes incurred by the business1.Case In Point: In the famous case of Patricia Ostolaza and José Diaz vs. Countrywide Home Loans, Inc., which was represented by Anthony Falcone took over all their mortgages about their new home, which Ostolaza-Diaz had a partnership. While taking over it was promised that the new payment would be much lower than that of the original repayment. When Ostolaza-Diaz filed a suit the trial dismissed it and the appellate court had upheld the dismissal on the ground that the duo was given an opportunity to read the document clearly but they had not done the same.. Limited Partnership: This type of partnership is more or less similar to that of general partnership but in this partnership one partner should have the full liability of the business structure and another would be accountable for limited amount of liabilities.. Family Limited Partnership: This type of partnership reflects the structure of limited partnership but the difference is that the partners are all family members. Mostly it is seen that when a family starts a partnership business they form it as a general or limited partnership firm2.Case In Point: In the famous case of Estate of Rector v. Commissioner, the limited partnership that Mrs. Rector formed in December 1998 was learned by her son John. She had another son named Frederick. In March 199 according to the clause of the agreement $8.8 million of cash and marketable securities were transferred to the limited. Business Arrangements & Global Business Law.
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