The Edwards report also makes no mention of an attempt to push limited-liability partnership legislation through the Jersey parliament in 1995, at the request of two international accountancy firms.

ECONOMIST: Offshore financial centres

The Thomsons set up their partnership as a limited liability company, which is often the best way to hold real property.

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What are the pros and cons of a Limited Liability Partnership (LLP) registration versus a Private Limited registration for Indian startups?

FORBES: The How

How you can legally go about removing a co-founder may depend on whether your business is a partnership, limited liability company or corporation, as well as the state in which you set it up, according to Mr. Mandel.

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Self-employment activity generally includes ownership and operation of a sole proprietorship, Limited Liability Company (LLC), C Corporation, S Corporation, and Limited Partnership where the business intends to generate revenue for profit and make significant contributions to the plan.

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On the creative side of wealth management, you can also form business entities such as a family limited liability company or limited partnership to house assets.

FORBES: 3. Protecting your family assets