An unincorporated business structure that two or more parties form and own together is called a partnership. These parties, called partners, may be individuals, corporations, other partnerships, or other legal entities. Partners may contribute capital, labor, skills, and experience to the business. They may have unlimited legal liability for the actions of the partnership and its partners. The most common type of partner is a general partner, who actively manages and exercises control over the business operations. Limited partners have limited legal liability. This type of partner cannot manage or exercise control over the business. Among the most common types of partnerships are general partnerships (GP), limited partnerships (LP), and limited liability partnerships (LLP). A partnership can even start without an oral or written contract. Where there is a written contract between the partners, it is called a partnership agreement. The partners agree on the purpose of the partnership and their rights and responsibilities. A partnership splits its profit or loss among its partners. They are responsible for filing and paying taxes for their portion of the partnership profit..