Definition
A partnership is a business structure where two or more individuals agree to share in the profits or losses of a business. Partners contribute resources and skills, and they typically share management responsibilities. Partnerships are often simpler to form than corporations but partners also share personal liability for the business's debts. Think of it like a group project where everyone is invested in the outcome. Success depends on teamwork and shared commitment. It differs from a sole proprietorship, where one person owns the business.