A partnership is one way of organizing a business. The
other two are sole proprietorships and corporations.
A
partnership is a business that is owned jointly by two or more people. These people
directly own and operate the business. As the link below tells
us,
A
partnership is an association of two or more persons who carry on a business, as
co-owners, for profit. (Encyclopedia of
Business)
There are two kinds
of partnership. There are limited partnerships and general partnerships. A limited
partnership is typically much more formally created than a general partnership. In a
limited partnership, at least one of the partners must be designated as the "general
partner." This person must assume unlimited personal liability for the business's
liabilities.
There are many more things to say about
partnerships. You can find much more detail by following the link
below.
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