Final answer:
A partnership is a business structure with two or more owners who share profits and liabilities. It allows individuals to work together in owning and managing a business. Partnerships have advantages such as easy startup and shared management, but also drawbacks like shared liability and limited lifespan.
Step-by-step explanation:
A partnership is a business structure with two or more owners who share profits and liabilities. It allows individuals to work together in owning and managing a business. Partnerships can be general, where all partners share responsibility for the business, or limited, where some partners are only financial contributors. The advantages of a partnership include easy startup, shared management, the ability to attract investors, and the potential to hire more employees. However, partners are collectively responsible for each other's actions and debts, the partnership has a limited lifespan, and changes can occur when partners leave or new partners are added.