BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.

Detailed explanation-2: -Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).

Detailed explanation-3: -A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business. Publication 541, Partnerships, has information on how to: Form a partnership.

Detailed explanation-4: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).

Detailed explanation-5: -A partnership business, by definition, consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.