As there is no separation between ownership and management, a partnership agreement is structured differently from that of a corporation. In a partnership, the partners directly control their own affairs and their interest in the firm is not limited by the value of their partnership interest. Partners in this type of agreement are individually liable for the debts of the firm -- even beyond their initial investment. As a result of this concern, some firms have opted to create alterative business entities such as limited partnerships (LLPs) and limited liability companies (LLCs). Contact a Kightlinger & Gray attorney to assist you in determining the best structure for your business.