Partnership
A business owned by two or more people.
Often Confused With
- LLC
- Partners are personally liable for business debts; LLC owners are not.
- Sole Proprietorship
- A sole proprietorship has one owner; a partnership has two or more sharing decisions and profits.
Taught In
See Also
1.7.A.1 · 1.7.A.2 · 1.7.A.3 · 1.7.B.2