What is partnership type of business?

Answer 1

A partnership is a type of business structure where two or more individuals collaborate to manage and operate a business, sharing profits, losses, and responsibilities. Partners can have varying degrees of involvement and liability, depending on the partnership agreement. Common types include general partnerships, where all partners share equal responsibility, and limited partnerships, where some partners have restricted involvement and liability. Partnerships benefit from combined resources and expertise but also require clear communication and trust among partners.