Partnership Business Definition. 2 elapse of fixed time as provided for in the partnership articles. 6 by order of the court.
Professionals like doctors and lawyers often form a limited liability partnership. A partnership is an unincorporated business entity formed by two or more people. A partnership is a form of business where two or more people share ownership as well as the responsibility for managing the company and the income or losses the business generates.
Partnership is one of the most common types of business entities practiced today.
Partnerships must file with the state in which they do business and are governed mostly by state laws. Partnerships are like sole proprietorships in that no legal entity must be established. The federal government recognizes several types of partnerships. A partnership is a form of business where two or more people share ownership as well as the responsibility for managing the company and the income or losses the business generates.
