When people have formed partnership, each is an agent of the group so that members of the joint enterprise share liability. A formal agreement between two or more parties to run a business and split profits is called a partnership. A partnership may have tax advantages over a corporation.
Partnership arrangements come in many different forms. One type of business where partners may have minimal liability is a partnership where all members share profits and liabilities equally. All partners in a general partnership corporation split the company's assets and debts equally. Lawyers and other professionals frequently create limited liability partnerships.
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