Partnership 

A Partnership is a formal business arrangement where two or more individuals, entities, or organizations share ownership, responsibilities, profits, and liabilities of a business venture. It’s one of the oldest forms of business structures and can be structured as: 

• General Partnership (GP): All partners share equal responsibility for management and liabilities. 

• Limited Partnership (LP): Includes both general partners (who manage the business) and limited partners (who invest but have limited liability). 

• Limited Liability Partnership (LLP): Provides liability protection for all partners against the actions of other partners or the partnership itself. 

Partnership agreements typically define each partner’s capital contributions, roles, profit-sharing ratios, decision-making authority, and conflict resolution processes. Partnerships are often used in professional services, investment firms, and startups seeking shared expertise and resources.