In a partnership, two or more partners work together to carry out the business operations. If the partnership falls below two people (ie, there are two partners and one retires) then the partnership may be automatically dissolved unless a new partner is appointed.
The benefits of having a business partnership include:
It facilitates shared ownership and responsibilities
Profits are shared (and so are the losses)
Experience and knowledge is shared
Greater funding options when bringing new partners in
Partners retain control of the business
Partners combine financial resources and skills
Sharing the administrative paperwork involved with having a business