A partnership is an association of two or more persons to carry on a business for profit as owners.
Partnerships can either be general or limited.
A general partnership is one in which all partners carry on business for the joint benefit and profit of all partners. A limited partnership consists of one or more general partners, jointly and severally responsible as ordinary partners, and special partners who are not liable for partnership debts beyond the amount contributed. Partnerships are not subject to taxation. Various items of partnership income, gains and losses, ect. General partnerships are subject to the requirement to file an assumed name certificate that applies to unincorporated businesses.