When two or more persons (including corporations) are in business together for the purposes of making a profit. It does not create a separate legal entity, but describes the relationship between those people. (By analogy, a marriage is a kind of non-commercial partnership and it will be understood that the two spouses remain separate legal persons.) Partners can be fully liable for the liabilties of any other partners and the partnership as a whole. In common business usage, the word “partner” is often used in reference to someone who is not a partner as defined in law, such as another shareholder in a corporation.
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