What is Partnership its characteristics and types?

Partnership is a business structure where two or more individuals share ownership, responsibilities, and profits. Key characteristics include shared decision-making, mutual liability, and a partnership agreement outlining terms and conditions. There are several types of partnerships, including general partnerships, where all partners share liabilities and profits equally; limited partnerships, which have both general and limited partners; and limited liability partnerships (LLPs), which protect individual partners from personal liability for certain business debts.