You can establish a limited liability, limited, or general partnership agreement.
In a general partnership, all partners have the same amount of agency in business decisions. This is the default standard assumed by most state laws. In a limited partnership, some partners have more control over decisions than others. Some partners may be “silent” and not have any control over daily business decisions. In a limited liability partnership, financial responsibilities and business duties are divided between silent partners and owners. This setup is similar to a corporation in that it may protect some partners from legal liability.