Partnership

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DEFINITION of 'Partnership'

A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.

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BREAKING DOWN 'Partnership'

Partnership doesn't always mean two people. There are many large partnerships who have thousands of partners.

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    Partnerships can be complex depending on the scope of business operations and the number of partners involved. To reduce ... Read Full Answer >>
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