ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A partnership is a business form where two or more people share ownership, management, and income or losses of the company. Partners may contribute capital, labor, skills, and experience to the business. They may have unlimited legal liability for the actions of the partnership and its partners.

Detailed explanation-2: -What is Partnership? A partnership is a kind of business where a formal agreement between two or more people is made who agree to be the co-owners, distribute responsibilities for running an organization and share the income or losses that the business generates.

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: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states.

Detailed explanation-5: -A partnership is a legal arrangement that allows two or more people to share responsibility for a business. Those partners share the ownership and profits, but they also share the work, responsibility, and potential losses.