Partnership is a legal business structure where two or more individuals or entities agree to share ownership and responsibilities in a business venture. Partnerships are formed to pool resources, skills, and expertise in order to achieve common goals and to share profits and losses. There are different types of partnerships, such as general partnerships, limited partnerships, and limited liability partnerships, each with their own legal and financial implications. Partnerships require a partnership agreement which outlines the terms and conditions of the partnership, including the roles and responsibilities of each partner, the distribution of profits and losses, decision-making processes, and the duration of the partnership.
