What Is The Definition Of Partnership?

"When two or more people become joint owner with a view to carry on a business together and sharing the profits in agreed proportions. This is known as Partnership. The contract act has defined Partnership as; "The relation which subsists between persons who have agreed to combine there property, labour  or skill in some business and to share the profits there of between them" The person who constitute this organization are individually termed as partner and collectively known as firm and the name under which their business id conducted is called the "firm name" The number of partners must not exceed twenty in ordinary business and not more then ten in banking business.
        
A partnership can be formed without any legal formalities like soul trader ship it is easy to form and simple to run. Similarly, if it's necessary partnership may be dissolved without performing any legal process. It does not possess a legal identity a part from its members. From the operating stand point, the partnership may conduct a business in very much the same manner as a soul proprietorship.
         
                                                        
The form of organization is very popular in our country. The small and medium size business activities (i.e. whole sale or retailing, production or distribution are performed under this form. Two or more persons may start this business with a moderate capital and new partner may be admitted forgetting additional capital.

There are too many different answers for this question. Can you be more specific? Are you talking about partnership in business? Or partnership in relationship or among peers?

Basically, partnership is a situation where two or more people have some sort of an agreement together, either divided equally or in some proportion and all the parties should agree to the contract.