Common types of partnership

The Longman Business English dictionary defines a partnership as a relationship between two people, organisations or countries that work together In business terms, It is usually an association of two от more people who go into partnership by pooling resources and sharing ownership, responsibility, control, profits, losses and liabilities of the business. Each person contributes something to the business, such as ideas, expertise, money or property. The partners define their management rights and personal liability In a legal contract.