A(n) ◻ is legally defined as an association of two or more people who are co-owners and co-managers…

➤ Why choose a partnership instead of a sole proprietorship or corporation?
People choose partnerships for simple setup, shared decision-making, pooled resources, and pass-through taxation that avoids corporate double tax. Partnerships also offer flexible management and profit allocation. However, partners face potential unlimited personal liability and possible conflicts. Use a clear agreement and consider LLP or LP forms to manage risk.