real estate

Partnership

A group of two or more people who run a continuous company together with the purpose of making a profit as co-owners of the enterprise. According to the law, a partnership is recognized not as a single entity but rather as a collection of separate people working together. A general partnership is a common kind of joint venture in which each general partner participates equally in the management of the business as well as the profits and losses generated by it. A business arrangement known as a limited partnership is one in which the operation of the business is managed by one or more general partners, and the funding for the business is provided by limited or silent partners, who are only held liable for losses up to the extent of their investments under the law.