Partnership

A partnership is a business structure where two or more individuals or entities agree to share ownership, management, profits, and losses of a business. It’s often chosen for its ease of formation and the ability to pool resources, skills, and capital. However, partners typically have unlimited personal liability for the business’s debts and obligations (in a general partnership), and disagreements can arise. There are different types, including general partnerships (GP), limited partnerships (LP), and limited liability partnerships (LLP), each with varying levels of liability and management involvement.