In common law 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. Partners have an obligation of strict liability to third parites injured by the Partnership. Partners may have joint liability or joint and several liability depending upon circumstances. In the civil law the partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on a 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.
People can also be partners in a personal relationship. These partnerships need not necessarily have legal status, but they may have it.
Examples of personal partnerships:
- husband and wife
- Gilbert (librettist) & Sullivan (music)
- Rodgers & Hart
- Rodgers & Hammerstein
- Stanley went to find Livingstone
- Double acts