A business co-owned by two or more people, or partners, who agree on the responsibilities on a business.
partnership
The business structure being described here is a partnership. A partnership is where two or more individuals own a business and agree to share in the profits, as well as the risks, expenses, and responsibilities.
Partnerships are a common way for entrepreneurs to start and run a business with someone else. Each partner brings their own skills, resources, and expertise to the business, which can help to expand the operations and reach of the company.
Partnerships can be structured in different ways, including general partnerships, limited partnerships, and limited liability partnerships (LLPs). Each of these has its own rules regarding how the partnership is managed, how decisions are made, and how profits and losses are shared among the partners.
One of the main benefits of a partnership is that it allows for shared risk and shared decision-making, which can be beneficial when starting a new business venture. However, partnerships also require careful planning and ongoing communication to make sure that all partners are on the same page and working towards the same goals.
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