A Partnership is an agreement in which you and one or more people combine resources in a business with a view to making a profit.

In a general partnership, you and one or more other owner would share the management of a business, and each partner would be personally liable for all debts and obligations incurred. This means that each partner is responsible for, and must assume the consequences of the actions of the other partner(s).

Terms of the Partnership

In order to establish the terms of the Partnership and to protect yourself in the event of a disagreement or dissolution of a Partnership, a Partnership agreement should be drawn up.

Profit sharing

You would share in the profits according to the terms of the Partnership agreement.