A partnership is a form of business enterprise. A partnership exists when there is a voluntary association of two or more persons engaged together for the purpose of doing lawful business as a partnership, for profit. Partnerships are assumed to exist when the partners actually share profits and losses proportionately, even though there may not be a written partnership agreement signed between the partners.

A partnership is not a legal entity and cannot conduct transactions in its own name. When a person conducts a transaction on behalf of a partnership, the transaction is conducted on behalf of all partners in that partnership jointly. All partners in a partnership are jointly and severally liable for the partnership's liabilities.