ENTREPRENEURSHIP

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: -A partnership is a business where two or more individuals operate the company as co-owners. Share of ownership can be split 50/50 or at any percentage, as long as the total adds up to 100%. Partnerships are relatively easy to set up.

Detailed explanation-3: -In a joint venture (JV), two or more businesses decide to combine their resources in order to fulfill an enumerated goal. They are a partnership in the colloquial sense of the word but can take on any legal structure. A common use of JVs is to partner up with a local business to enter a foreign market.