What is a partnership in business?
Understand the Problem
The question appears to be making a statement about what a partnership is in a business context, but the definition given is incorrect. A partnership is commonly defined as a business owned by two or more individuals. This indicates that the user may be looking for clarification regarding the concept of a partnership.
Answer
A partnership is a relationship between two or more people to do trade or business and share profits and losses.
A partnership is a relationship between two or more people to do trade or business, where each person contributes money, property, labor, or skill, and shares in the profits and losses.
Answer for screen readers
A partnership is a relationship between two or more people to do trade or business, where each person contributes money, property, labor, or skill, and shares in the profits and losses.
More Information
Partnerships allow for pool resources and share responsibilities, which can be advantageous for starting and running a business.
Sources
- Partnerships - IRS - irs.gov
- Partnership: Definition, How It Works, Taxation, and Types - Investopedia - investopedia.com
- Business Partnership - BambooHR - bamboohr.com
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