Keep me logged in until I sign out. A partnership is a voluntary association entered into between two or more competent persons engaged in a business as co-owners for profit.
Partnerships are a common form of business ownership.
They differ from corporations in that no stock is issued. Upon the death or withdrawal of one of the partners, the partnership may be automatically deemed by state law to have ended, while a corporation continues. Losses and distributions of the partnership are passed along to the individual partners, who must pay income tax on their share of the profits. This differs from a corporation, where profits and losses are reported directly by the corporation itself and not the stockholders. A is a more sophisticated form of partnership.