ENTREPRENEURSHIP

Detailed explanation-1: -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.

Detailed explanation-2: -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.

Detailed explanation-3: -A general partnership is a company owned by two or more individuals who agree to run the business as partners or co-owners.

Detailed explanation-4: -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.

Detailed explanation-5: -4.3 Partnership A partnership. (or, more precisely, a general partnership) is a business owned jointly by two or more people. About 6 percent of U.S. businesses are partnerships, and though the vast majority are small, some are quite large. For example, the big four public accounting firms are partnerships.