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Business Partners

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A partnership or Business partner is a profit motivated business relationship between two or more participants. The participants may be individuals, groups, companies or corporations. Types of business partnerships are typically defined by the role each partner plays in the operation of the business, and the amount personal liability the partners assume. Common forms include general partnerships, limited partnerships, and limited liability partnerships. General partnerships are a common business relationship in most countries. The terms may vary, but the degree of involvement and personal liability of the partners remain the same. In this type of partnership, each partner shares in control of the business operation and in the division of any profits. Additionally, partners are individually and collectively liable for any and all debts arising from business activity undertaken in the name of the partnership, by any partner. Any one partner can also contractually bind the partnership, with or without the knowledge or consent of the other partners.

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