A Partnership is a legal agreement between two or more people and is the least common form of business.
What is Partnership?
- An agreement between two or more people to manage a business' operations and divide its assets and liabilities is known as a partnership.
- All partners in a general partnership corporation split the company's assets and debts equally.
- Lawyers and other professionals frequently create limited liability partnerships.
- A partnership may have tax advantages over a corporation.
- A partnership, broadly speaking, can be any project that several people undertake together. Governments, charitable organizations, businesses, or private persons may be the parties. A partnership's objectives can also differ greatly.
- The three primary types of partnerships are general partnerships, limited partnerships, and limited liability partnerships when referring to a for-profit endeavor carried out by two or more people.
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