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A Partnership is any organization that is more than one and is not organized as a Corporation or a Limited Liability Company. One person cannot be a partnership only a Sole-Proprietorship, Corporation or Limited Liability Company (LLC). The key is the number . A Partnership does not need to be formally organized but it can also obligate the other partners for one partners acts and obligation. It is a highly risky form of business organization for this reason. There are different types of partners also depending on how the partnership is structured.
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A partnership is a strategic alliance or relationship between two or more people. Successful partnerships are often based on trust, equality, and mutual understanding and obligations.
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