Partners who are not legally responsible for unpaid partnership debts. A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner. A partnership that has two classes of partners- limited partners and general partners. Limited partners cannot lose more than the amount they invested in the partnership, and have no active role except as specified in the partnership agreement. The agreement between partners that sets the 1. General Partnership terms under which the affairs of the partnership are conducted. 2. Mutual Agency An unincorporated 3. Partnership association of two or more persons to pursue a 4. Unlimited Liability of Partners business for profit. 5. Partnership Contract The legal relationship among partners whereby 6. Limited Partners each partner can commit or bind the partnership to any contract within the 7. General Partners scope of the partnership's normal line of business. 8. Limited Liability Partnership 9. Statement of Partners' Equity A financial statement that shows total capital balances at the beginning of the period, any additional investments by partners, the income or loss of the period, the partners' withdrawals, and the ending capital balances. Partners who assume unlimited liability for the debts of the partnership. Partnership in which all partners have mutual agency and unlimited liability. The legal relationship among general partners that makes each of them responsible for paying the partnership debts if the other partners are unable to pay their shares. 10. Limited Partnership