A partnership is where two or more people come together with similar objectives, invest in a particular project sharing profits and losses either equally or in the ratio of their capital contribution. A limited partnership is on which limits the participation of a partner in the affairs of the company to the extent of their capital contribution. A general partnership is one that is formed out of agreement and there is provision of a statement stopping each member from going beyond certain limits. A company can either be private or public.one of the common characteristic for both is that the owners are separated from the business itself. A private company does not sell its shares to the public but a public company must be listed. A trading trust is where a trustee undertakes to pay the creditors against the goodwill of the company.