| In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses
of the business undertaking in which they have all invested.
There are two types of partners. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and
several liability depending upon circumstances. The liability of limited partners is limited to their investment in
the partnership.
A silent partner is one who still shares in the profits and losses of the business, but who is uninvolved in its
management, and/or whose association with the business is not publicly known.
In the civil law the partnership is a nominate contract between
individuals who, in a spirit of cooperation, agree to carry on an enterprise, contribute to it, by combining property, knowledge
or activities and to share its profit. Partners may have a partnership agreement, or declaration of partnership and in some jurisdictions such agreements may
be registered and available for public inspection.
See also:
People can also be partners in a personal
relationship. These partnerships do not necessarily have legal status, but they may have it, such as with a marriage, civil union or domestic partner agreement. Committed homosexual couples sometimes speak of being "partners" or "life partners."
Examples of personal partnerships:
See also:
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