Take advantage of the simplified regulations and focus on making money. In a general partnership, all partners have say in running the business and any single partner can obligate the rest. In a limited partnership, the general partner runs the business. Limited partners have no say and usually no liability taxwise or otherwise beyond their initial investment. Partnerships don't pay taxes.
Individual partners do.
Each year the partnership files Form 1065 as its annual tax return but never sends a check with it. Form K-1, filed for each partner, details what that individual has received from the partnership for the same period. Money retained by the partnership for whatever reason is still reported as the partners' taxable income. Equally complex rules govern contributions of property, time, patents, copyrights and the like. Like profits, losses pass on to individual partners based on their percentage ownership.