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In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses
of the business undertaking in which they have all invested.
There are two types of partners. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and
several liability depending upon circumstances. The liability of limited partners is limited to their
investment in the partnership.
In the civil law the partnership is a nominate contract between
individuals who, in a spirit of cooperation, agree to carry on a enterprise, contribute to it, by combining property, knowledge
or activities and to share its profit. Partners may have a partnership agreement, or declaration of partnership and in some jurisdictions such agreements may
be registered and available for public inspection.
See also:
corporation
People can also be partners in a personal
relationship. These partnerships do not necessarily have legal status, but they may have it, such as with a marriage, civil union or domestic partner agreement.
Examples of personal partnerships:
See also:
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