An association of two or more people or entities that conduct a business for profit as co-owners. In a partnership, the parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments, or combinations.
In a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability. There are several types of partnership arrangements, including general partnerships, limited partnerships, and limited liability partnerships. Common partnership business examples include law firms, physician groups, real estate investment firms, and accounting groups.