FREE Business Partnership Letter Templates & Examples

The types of business partnerships are:

1. General partnerships - This partnership commonly becomes valid when the business activities start. 

2. Limited partnerships - This kind of partnership gives one party with unlimited liability than the other party. 

3. Limited liability partnerships - Only certain kinds of professional service businesses can create these partnerships. These businesses include architects, doctors, dentists etc. 
 

Attaching a proposal is important in a business partnership letter so the other party can review the status of your business. In this document, you need to include the new business structure that you'll be forming, numbers and figures that prove the current standing of your business, and other necessary information regarding the partnership. 

The advantages of a business partnership are:

1. Low cost of operations
2. More money to use as capital
3. More people who can decide for the business
4. Easy establishment of the business
 

The website Entrepreneur listed these disadvantages of a business partnership:

1. Financial problems
2. Different management styles
3. Personal habits
4. Setting boundaries
5. Level of commitment
6. Differences in skills and roles

You terminate a business partnership when the other party does not want anything to do with the business. The termination is not easy though as it undergoes a lot of legal processes.