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Partnership – Definition of Partnerships

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[Partnership] – There are advantages and disadvantages to every business structure. Partnerships are not exactly the same as forming corporations or companies. Each partnership is defined through an agreement. Once you have decided on this business structure it is important to know the differences. This article will define the different partnership structures. These structures are: (1) Partnership, (2) Limited Partnership, and (3) Limited Liability Partnership.

Partnership – voluntary association of two or more persons as co-owners in a business for profit.

A partnership can be formed voluntarily by direct action of the parties, such as through a partnership agreement or articles of partnership, or its formation can be implied by the ongoing conduct of the parties. Funding for a partnership comes from the partners who initially contribute property, cash, or services to the partnership accounts. Each partner is both a principal and agent to the other partners and is liable

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