Partnership

Partnership refers to a collaborative relationship between two or more parties who agree to work together toward shared goals while sharing responsibilities, resources, and profits. In a business context, a partnership typically involves individuals or organizations that contribute assets, skills, or capital to a venture and share in its success or failure. Partnerships can take various forms, such as general partnerships, limited partnerships, or limited liability partnerships, each with different levels of liability and involvement for the partners. Beyond business, the term can also apply to alliances in social, political, or community initiatives, emphasizing a cooperative approach to achieving objectives.