A partnership is a type of business structure in which two or more individuals own and operate a business together. Partnerships are typically formed between individuals who pool their resources, skills, and expertise to start and run a business.
In a partnership, each partner contributes capital, labor, and expertise to the business, and in return, they share in the profits and losses of the business in proportion to their ownership interests. Partnerships are a popular choice for small businesses, especially for those that involve professional services such as law firms or accounting practices.
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