ENTREPRENEURSHIP

Detailed explanation-1: -A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.

Detailed explanation-2: -Partnership Definition: A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships. The two most common are general and limited partnerships.

Detailed explanation-3: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).

Detailed explanation-4: -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-5: -As the name states, a partnership is a business owned by two or more people, known as partners. Like sole proprietorships, partnerships are able to take advantage of flow-through taxation.