<ul><li>A partnership is a common form of business organization where two or more individuals collaborate for mutual benefit.</li><li>Partnerships are formed through agreements that outline roles, responsibilities, profit-sharing, and operational details.</li><li>Partners in a partnership have shared ownership, decision-making power, and financial responsibility.</li><li>Partnerships offer flexibility, but partners have unlimited liability for the business's debts and obligations.</li></ul>

Characteristics of a Partnership

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