The partnership is an association of two or more people who co-own a business for the purpose making profit.
In a partnership, the co-owners (partner) share the business’s assets, liabilities, and profits accordingly to the terms of a previously established partnership agreement.
The law does not require a partnership agreement (also known as the articles of partnership) but it is wise to work with an attorney to develop one that spells out the exact status and responsibilities of each partner.
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