The types of partnerships offered in Indiana are compared below, with information highlighting differences in liability and tax considerations. Personal responsibility is the other important topic to consider when starting a business. Personal liability is related to the personal liability of the owners of the company`s debts and obligations. Some partnership structures offer their owners liability protection that allows them to protect their personal property from the business. For example, if your partnership loses a lawsuit and has to pay for a large transaction, personal liability will help protect your home, money, and transaction savings. .