A business can be organized in a number of ways. For example, it might be organized as a sole proprietorship, or it might be organized as a corporation. It could also be organized as a partnership.
A partnership is an association of two or more individuals for the purpose of carrying on a trade or business as co-owners. Common examples of partnerships include professional services such as accounting firms, law firms, real estate investment firms, and a variety of smaller manufacturing firms.
Specific characteristics define partnerships. These characteristics form the basis for the formation of a partnership, and also the activities of a partnership. To find out more, go here.