ECONOMICS (CBSE/UGC NET)

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–General and Limited Each partner contributes money, property, labor, or skill; each shares in the profits and losses of the business; and each has unlimited personal liability for the debts of the business.

Detailed explanation-3: -A partnership is a business shared by multiple owners. It’s not a legal business entity, and it doesn’t have to be registered with the state. Basically, if you decide to go into business with another person without filing any state paperwork, you’re automatically in a partnership.

Detailed explanation-4: -A partnership (or general partnership) is a business owned jointly by two or more people.

Detailed explanation-5: -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).