In the UK this refers to a business where two or more individual owners are jointly and severally liable for the business.
Specifically, since 2000, a partnership is now considered to have its own legal personality. This allows partners to have some limited liability for general trading debts, not for negligence. Typical examples are accountancy, consultancy and law firms. The phrase partnership working is typically used to describe an arrangement where supplier and client work together to both develop the client’s business and supply appropriate goods and services.
Partnership is a term normally found in financial accounting.
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