USA HISTORY

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 form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates.

Detailed explanation-3: -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-4: -A partnership is one of the types of business organization in which the business is owned by two or more owners, which are called partners of the business.

Detailed explanation-5: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).