When choosing a business form for operations many business owners consider a partnership when first starting a business. It's a tempting proposition to have someone who can help share the workload and bring ideas to the table. It is also important to remember that the partners are jointly and severally liable for partnership obligations and actions. Using an LLC instead can minimize the exposure of the individual members for liabilities that are rightfully only that of the entity. That is why general partnerships are infrequently created now that LLCs can be more creative, useful and protective of the members.
Further Thoughts on Asset Protection.
Limited liability companies (LLCs) are entities unto themselves, separate from the members that comprise them. Because of that, it's imperative that members not mix their personal assets with those of the business, either by freely using business assets in a personal capacity, or by lending their own personal assets for business use.