Partnerships

Definition

A partnership is a form of business ownership where two or more individuals share the management, profits, and financial liabilities of the business. It combines resources and skills to achieve common business goals.

Related terms

General Partnership:

A type of partnership where all partners share equally in both responsibility and liability.

Limited Partnership:

A partnership consisting of at least one general partner who manages the business and assumes legal debts and obligations, and one or more limited partners who are liable only up to the amount they invest.

Joint Venture:

A temporary partnership formed for a specific project or for a limited time, focusing on a single collaborative endeavor