A partnership is a relationship which arises between persons or entities that agree to carry on a business in common with a view to profit. A partnership is not a separate legal entity; it is constituted by its partners for the time being. Unless varied by agreement, all assets of the partnership are owned by the partners jointly and all partners are jointly liable to perform the obligations of the partnership.

In the absence of a written partnership agreement, the relationship between partners will be governed by common law and statute applicable in each state and territory. Under statute, different classes of partnership may be created.

See Partnerships.