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A partnership is a legal business structure in which two or more individuals or entities collaborate to operate a business for profit. In a partnership, the partners share ownership, management responsibilities, profits, and liabilities according to the terms outlined in a partnership agreement. Partnerships are commonly formed by professionals, such as lawyers, accountants, and doctors, as well as entrepreneurs and small business owners who wish to combine their resources, expertise, and networks to achieve common business goals. There are several types of partnerships, including general partnerships, limited partnerships, and limited liability partnerships (LLPs), each with its own characteristics and legal implications. In a general partnership, all partners share equal responsibility for managing the business and are personally liable for the debts and obligations of the partnership. In contrast, limited partnerships consist of general partners who manage the business and are personally liable, and limited partners who contribute capital but have limited liability. Limited liability partnerships offer partners limited liability protection from the actions of other partners, making them popular among professional service providers. Partnerships are governed by partnership agreements, which outline the rights, responsibilities, profit-sharing arrangements, decision-making processes, and dissolution procedures of the partnership.