partnerships

A partnership is a business arrangement where two or more individuals or entities collaborate to run a business together, sharing profits, losses, responsibilities, and decision-making. Partnerships leverage the combined skills, resources, and expertise of the partners to achieve common business goals. They are often formalized through agreements that outline each partner's roles and share of the profits. This structure allows partners to pool resources and risk while maintaining personal involvement in the business’s operations. Partnerships are common in professional fields like law, medicine, and consulting, providing a flexible and cooperative way to operate a business.