A partnership consists of two or more people or entities who carry on a business and distribute income or losses between themselves.

A partnership can be a:

  • family partnership – where two or more partners are related
  • limited partnership – where liability of debts and obligations for one or more partners is limited
  • 'other' partnership – where partners are equally responsible for the business and have unlimited liability for the debts and obligations (commonly known as a general law partnership).

See also

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