Generally speaking, a partnership can be described as a relationship between two or more individuals, having a common business purpose. They agree to share the profits and losses of the business in proportion to their respective percentage interest.
The partnership's internal arrangement does not bind creditors. If it is apparent to the world at large that a partnership exists, any partner can create obligations for the partnership, without the other partners knowledge or consent.
Partnership also exists in various forms outside the business arena. Owners of, a boat, 4×4, house, computer, in fact co owners of anything that you can think of, may be regarded as partners.
Unmarried people living together may, in legal terms, be partners.
There are very important things to consider when entering into an agreement of partnership. A partner dies, becomes debilitated, wants out, feels that there is a breakdown in the relationship or that he/she is spending more time and putting more effort into the partnership. A deadlock occurs. These are but a few examples. What then?
You are strongly advised to enter into a written agreement of partnership.Your Attorney can advise you.