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What is a partnership in business?

In a broad sense, a partnership can be any endeavor undertaken jointly by multiple parties. The parties may be governments, nonprofits enterprises, businesses, or private individuals. The goals of a partnership also vary widely.

What are the different types of partnerships?

There are three common types of partnerships: General partnership. You form a general partnership by agreeing to do business with one or more other people. In this type of partnership, you don't file any paperwork with the state.

Who is a partner in a business?

Partners may contribute capital, labor, skills, and experience to the business. They may have unlimited legal liability for the actions of the partnership and its partners. The most common type of partner is a general partner, who actively manages and exercises control over the business operations. Limited partners have limited legal liability.

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