A partnership is a type of business structure in which two or more individuals, known as partners, own and operate a company together.
In a partnership, each partner contributes money, property, labor, or skill to the business and shares in the profits and losses. Partnerships can take various forms, including general partnerships, limited partnerships, and limited liability partnerships. The specific terms of a partnership are outlined in a partnership agreement, which is a contract between the partners that outlines their rights and responsibilities.
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