Shares its profits and losses among the partners. Each partner is then taxed at personal income tax rates. Is required to file an Assumed Business Name if it uses a name other than the names of the partners or if it desires to file a Partnership Agreement or a Statement of Authority. There must be at least one general partner who manages the business with one or more partners whose liability is limited to the extent of their investment. Limited Partnerships must file a certificate with the Montana Secretary of State.
General partners manage the business.
Limited partners can take no part in management of the business. Must register as an Limited Liability Partnership and make reference to that status in its name. Provides liability protection to its owners with the exception of personal liability. Partners are not responsible for the errors or negligence of their partners or employees if they themselves are not supervising, directing, or involved in the action. Is otherwise treated like a general partnership for tax purposes.