Partnership
Partnership is a form of business in which two or more sound persons come together to form a new business with the same interest in mind. In Partnership, all partners act towards the single strategic direction and all partners are equally liable. In partnership all partners share profit and losses in the ratio agreed upon. Partners are responsible for the other partner's business actions, as well as their own. Each general partner takes part in the management of the business, and also takes responsibility for the liabilities of the business. If one partner is sued, all partners will be held liable. Anything that one partner does affect all of the partners, because each partner of the partnership is personally responsible for all obligations of the partnership.
To Read More: How to create a partnership?
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