Definition:
A business partnership is an unincorporated business structure. There are many types of partnerships. Some partnerships are not recognized in all states or may be limited by many factors.
All partnerships have at least two people involved. Depending on how involved each person is, a partner can be a general partner or a limited partner.
In every a partnership each partner has defined levels of responsibilities, liability for losses and debts, and certain rights to profits.
The rights and responsibilities of each partner are written out in a partnership agreement.
Examples:
Jan Jalopy and Joan Jenkins formed a partnership to start a business so that they each owned half.
