From a tax point of view, partnerships have a considerable advantage over other more complex commercial companies and are called pass-through or flow-through taxation. This means that the company`s profits are transferred or redistributed directly to the partners who are the only ones who pay taxes for it without having to make the partnership. As in the case of an individual entrepreneur (seet trader), partnerships do not have their own legal personality (legal entity), but develop their activity thanks to the legal capacity of their partners, who react unlimitedly by all their assets in relation to the debts contracted during the development of their activities. Under Spanish company law, we find different types of mergers between the employer and the limited companies: the “collective company” (similar to the general partnership), the “cooperative” (cooperative or Coop.) and the “public limited company” (which is somewhat similar to the Limited Partnership). Partnership is a kind of common law that has no precise equivalence in most legal systems on the continent. Under Spanish legislation, there is also no company form identical to it. We therefore advise the lawyer or legal translator who is faced with leaving the English term and, if necessary, to add a footnote indicating that this partnership is similar to the Spanish company concerned. Summer would be the case for the so-called general partnership, but there is another type of company called limited liability partnership (or LLP), in which the partners are only responsible for the social debt, up to the amount that each has paid. Have you ever heard of this partnership? Do you know why this is such a special type of business and is characteristic of the Anglo-Saxon law company? In this entry, we help you understand them better. Keep reading. For the purposes of section 1 of the Partnership Act 1890, the relationship between persons who develop a non-profit joint venture is called a partnership. Although the sharing of certain characteristics with Anglo-Saxon partnerships is not exactly the same, one must be very careful when it comes to using one of these expressions as a translation of a partnership.