A partnership is the most flexible of business structures for a multitude of reasons. Profit/loss allocation and governance are great examples of where creativity can thrive in such a business structure. Given the flow-through nature of a partnership structure, it can also be very beneficial for tax purposes. Typically, professionals are well suited to general partnerships, or limited liability partnerships where there is a variation of practice areas and oversight is concentrated in and with a partner in each functional area.
Limited partnerships are best suited when initial capital investments are intensive, and losses are forecasted to accrue for the first initial number of years. A brewery would be a good example. Limited partnerships also can be very useful as investment structure to a limited liability corporate partner and to provide returns to the investor partners free of risk other than to their initial investment.