Legal glossary
What is Partnership?
Partnership — A partnership is a form of business enterprise. A partnership exists where there is a voluntary association of two or more persons engaged together for the purpose of doing business as a partnership, for profit. Partnerships are assumed to exist where the partners actually share profits and losses proportionately, even though there may not be a written partnership agreement signed between the…
A partnership is a form of business enterprise. A partnership exists where there is a voluntary association of two or more persons engaged together for the purpose of doing business as a partnership, for profit. Partnerships are assumed to exist where the partners actually share profits and losses proportionately, even though there may not be a written partnership agreement signed between the partners. In cases of partnership creation, most lawyers will advise their clients to have a written partnership agreement in place.