Partnership

{
  "id": "MLC-T-LAW-003640",
  "term": "Partnership",
  "field": "Law",
  "definition": "A business structure formed by two or more individuals who agree to share in the profits or losses of a common enterprise. This arrangement does not create a separate legal entity from its owners, meaning partners are personally liable for the business's debts. The formation and operation of a partnership are subject to state laws, including the Revised Uniform Partnership Act.",
  "url": "https://mlchart.com/terminology/law/partnership/"
}