Partnership Definition: In business, a partnership is when two or more individuals or parties agree to operate and manage a business through a specific contract or legal arrangement, where they split or share the profits.
Different types of partnerships vary from sharing expenses and profits equally to splitting the liabilities and revenue based on certain factors, including involvement in the business, day-to-day operations, and decision-making.
In some organizations, there is a silent partner, which refers to an individual or party not directly involved in the operations while covering their share of expenses and receiving their share of profit.
An example of a partnership is a law firm, where each lawyer is considered a partner or a team of doctors as part of a practice.
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