III.

Partnership

A partnership is a business association of two or more people who have formally agreed to work together, each contributing skills, labour, and resources to the venture in return for an agreed share of the profits. The formal partnership agreement usually covers all the partners’ rights, responsibilities, and obligations, the circumstances in which their partnership may be dissolved, and a specific length of time during which the partnership is in effect.

Unless a limited partnership has been established, all parties share the burden of loss and debts.