A sole proprietorship or general partnership can be set up very inexpensively.

Otherwise, a general partnership's legal name is the last names of the owners.

Navios expects to use the net proceeds to fund its fleet expansion and for general partnership purposes.

PetroLogistics expects to use its net proceeds from the offering for working capital and general partnership purposes, and for future capital expenditures.

The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure.