Business partnership refers to a legal and formal relationship between two or more individuals or entities who come together intending to operate a business for profit. In a partnership, each partner contributes resources such as capital, labor, skills, or assets to the business. The partners collectively share the profits, losses, and liabilities of the business according to the terms agreed upon in a partnership agreement. It is a type of business structure that allows multiple individuals or entities to share the risks, responsibilities, and rewards of running a business together.
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