Partnerships (business structures)

A partnership is a business arrangement where two or more individuals or entities collaborate to run a business, sharing profits, losses, responsibilities, and decision-making. Each partner contributes resources such as money, skills, or property. Partnerships can be informal or formalized with legal agreements, and they often benefit from shared expertise and resources. However, partners are typically personally responsible for the business’s debts and obligations. This structure is suitable for businesses with multiple owners seeking shared management while pooling resources and skills to grow the enterprise.