Partnerships shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability with respect to obligations of the group. There is a written agreement among partners detailing the terms and conditions of participation in a business ownership arrangement.
A partnership is an association of two or more people who are co-owners of a business for profit and liability. Partnerships are created to pool talents, provide more financial resources than are possible with a sole proprietorship, and at times to provide a base of support for each of the individuals who wish to enter a business but do not want to "go it alone."
A pertnership may be entered into by simply discussing a business proposition with a prospective partner or partners and reaching an agreement that establishes the legal relationship between partners.