Define partnership

Defintition of  business partnership
Partnership describes a business organization in which two or more persons agree to come together to set up and manage the business unit. In a partnership these individuals consent to put their resources together in forming the company. The resources of people who enter into a partnership business usually will include both financial and managerial. It means that not only have the partners agreed to invest their money into the business, they also take up some roles in managing the company, in other words they may decide to manage the company jointly. Individuals who own a partnership business organization therefore share in both the profit and the risks in case of a loss.

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