Adopted in England in 1890, general partnerships have become a near-forgotten practice in favor of other forms of doing business, but with the appearance of e-commerce, cryptocurrencies, tokenomics and global crowdsourcing, they may experience a comeback. This type of entity does not require incorporation — rather, it is based on a partnership agreement.
Incorporating a company is a worn-out bureaucratic procedure. Even though it has gradually become easier to organize in many countries, there are still many cash-draining obstacles in the way. For example, foreigners are generally unable to appoint themselves as a CEO in several countries around the world when setting up a company. Instead, they are required to hire a local citizen. They also aren’t allowed to open a bank account remotely, even if they have never had any intention of going to the country in question and only intend to do business online.
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Source: Cryptocurrency - investing.com
