PARTNERSHIP
An association of two or more individuals who carry on a
continuing business for profit as co-owners. Under the law a
partnership is regarded as a group of individuals rather than as
a single entity. A genera/ partnership is a typical form of joint
venture in which each general partner shares in the
administration, profits and losses of the operation. A limited
partnership is a business arrangement whereby the operation is
administered by one or more general partners and funded, by and
large, by limited or silent partners, who are by law responsible
for losses only to the extent of their investments.
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