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A partnership is an association of two or more people who co-own and operate a business for profit.

Emma and Daniel plan to start a management consulting firm as a general partnership.

Some of the key characteristics of this partnership are shared ownership, unlimited liability, and limited life.

Shared ownership means Emma and Daniel both participate in decision-making and share profits and losses as per the partnership agreement.

Unlimited liability means they are personally liable for the firm’s debts.

If the business cannot pay its debts, creditors may seize Emma and Daniel’s personal assets.

A partnership has a limited life. For example, if Sarah joins the firm, the existing partnership legally dissolves, and a new agreement must be formed, even if the business continues operating.

By combining ownership and management responsibilities, partnerships allow individuals to build a business together while distributing the financial opportunities and risks.