Partnership

Formal business relationship between two or more individuals.

business partnership joint venture

A partnership is a formal business relationship between two or more individuals who share ownership and responsibility for managing the business. Partnerships typically involve shared profits, losses, and decision-making authority among partners.

From Old French parage, from parc (enclosure) + age (share), both from Latin partes (parts).

A partnership is like when two or more friends decide to work together on a business, sharing the responsibilities and profits.

What is a partnership? A partnership is a formal business arrangement between two or more parties
How are profits shared? Profits and losses are typically divided as outlined in the partnership agreement
What types of partnerships exist? Common types include general, limited, and limited liability partnerships

business partnership joint venture

business association

limited partnership general partnership limited liability partnership

partners agreement

business structure

collaborative governance legal concept legal entity