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What is a partnership?

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malika786 | Student, Grade 11 | (Level 1) Honors

Posted May 19, 2011 at 10:41 PM via web

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What is a partnership?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted May 19, 2011 at 11:04 PM (Answer #1)

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A partnership is one way of organizing a business.  The other two are sole proprietorships and corporations.

A partnership is a business that is owned jointly by two or more people.  These people directly own and operate the business.  As the link below tells us,

A partnership is an association of two or more persons who carry on a business, as co-owners, for profit. (Encyclopedia of Business)

There are two kinds of partnership.  There are limited partnerships and general partnerships.  A limited partnership is typically much more formally created than a general partnership.  In a limited partnership, at least one of the partners must be designated as the "general partner."  This person must assume unlimited personal liability for the business's liabilities.

There are many more things to say about partnerships.  You can find much more detail by following the link below.

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pertira | Student | eNotes Newbie

Posted May 19, 2011 at 11:16 PM (Answer #2)

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A partnership is when 2-20 people form a business, they set up the deed of partnership, and of course partners can dissolve a paternship into null or into a company in some certain cases.

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uglydoll91 | Student, Undergraduate | (Level 1) eNoter

Posted May 20, 2011 at 12:52 AM (Answer #3)

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A partnership is similar to a proprietorship except that it is owned by two or more individuals and:

>>Comprises 10% of business organizations in the United States.

>>Combines the skills and resources of more than one person.

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