Tag: partnership

A partnership is a formal arrangement where two or more parties agree to cooperate to achieve common goals. In business, it typically involves individuals or organizations pooling resources, skills, and responsibilities to operate a venture and share profits or losses. Partnerships can be legal entities, such as general partnerships, limited partnerships, or strategic alliances. Each partner may contribute capital, labor, or expertise, and the terms are usually outlined in a partnership agreement. Partnerships promote collaboration, innovation, and risk-sharing, and are common in startups, joint ventures, and global projects. Trust, communication, and shared vision are essential for a successful partnership.