Business organizations partnership

A partnership is an association of two or more person or entities, who are in business together ‘for profit’.

General partnership is voluntary agreement entered into by two or more parties to engage in business whereby each of the parties is to share in any profits and losses there from equality and each is to participate equally in the management of the enterprise.

A distinguishing feature of the general partnership as a form of business organization is that generally, partners have unlimited personal liability for the debts and obligations of the partnerships.

Partnership can be created by express agreement of intent to form a partnership, or a partnership may be deemed to exist because of the actions of the person involved.
Business organizations partnership