A partnership is a type of business organization where two or more individuals or entities come together to carry out a business venture. Partnerships are a popular form of business structure as they allow for the pooling of resources, skills, and expertise of multiple individuals or entities.

• Legal Agreement: Partnerships are typically formed through a written partnership agreement that outlines the terms and conditions of the partnership. This agreement specifies the roles, responsibilities, and rights of each partner, as well as the profit-sharing and decision-making arrangements.

• Decision-making: Partners share the decision-making authority in the business based on the terms outlined in the partnership agreement. In some cases, decisions may be made by a majority vote, while in others, certain partners may have more decision-making power based on their ownership stake or expertise.