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A partnership is a legal agreement between two or more people and is the least common form of business.
A formal agreement between two or more parties to run a business and split the profits is called a partnership.
Partnership arrangements come in many different forms. One type of business where partners may have minimal liability is a partnership where all participants share profits and liabilities equally. Additionally, there is the so-called "silent partner," when one party does not participate in the day-to-day management of the company.
An agreement between two or more people to manage a business' operations and divide its assets and liabilities is known as a partnership.
All partners in a general partnership corporation split the company's assets and debts equally.
Lawyers and other professionals frequently create limited liability partnerships.
Comparing a partnership to a corporation, there may be tax advantages.
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