A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.
In a broad sense, a partnership can be any endeavour undertaken jointly by multiple parties. The parties may be governments, non-profits enterprises, businesses, or private individuals. The goals of a partnership also vary widely.
Within the narrow sense of a for-profit venture undertaken by two or more individuals, there are three main categories of partnership: general partnership, limited partnership, and limited liability partnership.
In a general partnership, all parties share legal and financial liability equally. The individuals are personally responsible for the debts the partnership takes on. Profits are also shared equally. The specifics of profit sharing will almost certainly be laid out in writing in a partnership agreement.
Limited liability partnerships are a common structure for professionals, such as accountants, lawyers, and architects. This arrangement limits partners’ personal liability so that, for example, if one partner is sued for malpractice, the assets of other partners are not at risk. Some law and accounting firms make a further distinction between equity partners and salaried partners. The latter is more senior than associates but does not have an ownership stake. They are generally paid bonuses based on the firm’s profits.
A partnership is a way of structuring a business that involves two or more individuals. It involves a contractual agreement between all of the partners that set the terms and conditions of their business relationship, including the distribution of ownership, responsibilities, and profits and losses. Partnerships outline and clearly define a business relationship and responsibility.
Partnerships are often best for a group of professionals in the same line of work where each partner has an active role in running the business. These often include medical professionals, lawyers, accountants, consultants, finance & investing, and architects.
Company executives can use this template when preparing a company development strategy. You can use this template when preparing strategic partnership slides with your suppliers or key customers. Sales managers can use this template when preparing reports on concluded contracts with clients.
Startups can use this template when preparing for a meeting with investors. You can provide information about the benefits of your company’s partnership. University professors can use this template when preparing courses on partnerships or joint ventures.
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