Partnership

A partnership in private entrepreneurship is a business arrangement where two or more individuals come together to run a company. Each partner contributes resources, such as money, expertise, or labor, and shares in the profits and losses of the business. Partnerships can be formalized with legal agreements outlining each partner's roles, responsibilities, and how profits are distributed. This approach allows partners to combine strengths and support each other, but it also means they must collaborate closely and make joint decisions about the business's direction and operations.