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A type of business organization in which two or more individual’s pool money, skills, and other resources and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately.

A partnership in a business involves:

• Pooling money toward a common purpose
• Sharing individual skills and resources, and
• Sharing in the good and bad times.

A partnership is a specific kind of legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.

Partnerships are usually registered with the state in which they do business, but the requirement to register varies from state to state. Partnerships use a partnership agreement to clarify the relationship between the partners, the roles and responsibilities of the partners, and their respective shares in the profits or losses of the partnership.