What type of business entities can enter into a joint venture?

In Virginia, businesses can enter into joint ventures in either a general partnership, limited partnership, limited liability partnership, or a limited liability corporation. A general partnership requires two or more people to form a business with the intention of making a profit. In this type of joint venture, each partner will have an equal share in liability and debt, and will share in the profits and losses of the business. A limited partnership consists of one or more partners who are liable for the debts and obligations of the business. The limited partners will only be responsible for the capital they contribute and cannot be held liable for any debts or obligations of the business. A limited liability partnership (LLP) has similar characteristics to a general partnership, but with the added protection of limited liability. A LLP will have two or more individuals or entities as partners, and each partner is responsible for the debts and obligations of the business based on their own capital contributions and decisions. Finally, a limited liability corporation (LLC) is a for-profit business entity that can be owned by either one or multiple individuals. This type of venture shields the owners from personal liability for the debts and obligations of the business. However, LLCs must always have an operating agreement in place that clearly defines the liabilities of each partner. In summary, businesses in Virginia can enter into joint ventures as general partnerships, limited partnerships, limited liability partnerships, or limited liability corporations. Each type of venture will provide different levels of protection and liability for the partners involved.

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What type of business entities can enter into a joint venture?

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