Definition: A relationship in which two or more persons carry on a business for profit as co-owners, subject to the applicable partnership law.
Example
Two individuals operate a brokerage business together through a properly established and registered partnership.
Keep the distinction clear
Mere co-ownership of property does not necessarily create a partnership. General partnerships, limited partnerships, and LLPs have different legal features.
Related terms
General Partnership · Limited Partnership · Concurrent Ownership
Keep studying
Corporation Sole, Sole Proprietorship, and Single-Owner Businesses
References: Florida Statutes 620.8306: partner liability · SBA: choosing a business structure
Pronunciation (US): PART-ner-ship (capitals show stress)
Pronunciation reference: Merriam-Webster
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