A partnership is a business owned by two or more individuals.Each owner is personally responsible for the debts of the partnership.

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In a partnership, each owner is personally responsible for the financial obligations and debts of the partnership. This means that if the business cannot pay off its liabilities, each partner may be liable to pay the debts from their personal assets. Therefore, it is crucial for partners to have a clear understanding of their financial obligations and responsibilities before entering into a partnership.

A Partnership Is a Business Owned by Two or More