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Another benefit of general partnerships is their simplicity and flexibility. General partnerships are usually less expensive to form and require less paperwork and formalities than corporations, limited partnerships, or limited liability partnerships.
For example, lets say that Fred and Melissa decide to open a baking store. The store is named FM Bakery. By opening a store together, Fred and Melissa are both general partners in the business, FM Bakery. It is important to note that each general partner must be involved in the business.
To have a general partnership, two conditions must be true: The company must have two or more owners. All partners must agree to have unlimited personal responsibility for any debts or legal liabilities the partnership might incur.
There are several kinds of partnerships, but a general partnership is the most common and easiest to get started. Its essentially the version of a sole proprietorship with more than one person. It is easy to start, no real formalities to file with the state and has simplified tax filings.
File a Statement of General Partnership with the California Secretary of State. This is optional, but to file the Statement of General Partnership you must submit the $70 filing fee and $15 over the counter fee.
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Aside from formation requirements, the main difference between a partnership and an LLC is that partners are personally liable for any business debts of the partnership -- meaning that creditors of the partnership can go after the partners personal assets -- while members (owners) of an LLC are not personally liable
Cost- Partnerships are easier and less expensive to establish and maintain than an LLC. Taxes- While both entities benefit from pass-through taxation, LLCs have more flexibility because the owners can opt to be taxed as either an LLC or an S Corporation .
An LLC lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets like your vehicle, house, and savings accounts wont be at risk in case your LLC faces bankruptcy or lawsuits.
A general partnership is a business arrangement by which two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a jointly-owned business.
Cost- Partnerships are easier and less expensive to establish and maintain than an LLC. Taxes- While both entities benefit from pass-through taxation, LLCs have more flexibility because the owners can opt to be taxed as either an LLC or an S Corporation .

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