Understanding Partnership Law: A Comprehensive Guide

Introduction to Partnership Law

Partnership law governs the formation, operation, and dissolution of partnerships – business entities formed by two or more individuals who agree to share profits and losses. While partnerships offer flexibility and shared responsibilities, understanding the legal framework is crucial for smooth operations and protection of interests.

Types of Partnerships

Partnerships come in various forms, each with its own set of characteristics and legal implications. General partnerships involve equal sharing of profits and liabilities among partners, while limited partnerships offer limited liability to some partners. Limited liability partnerships (LLPs) combine aspects