A form of business in which two or more persons join their money and skills in conducting the business. Partnerships are treated as a conduit and are not subject to taxation. Various items of partnership income, expenses, gains, and losses flow through to the individual partners and are reported on their personal income tax returns.

There are two types of partnerships; General and Limited. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances. The liability of limited partners is limited to their investment in the partnership.

Partnerships may have a partnership agreement, or declaration of partnership and in some jurisdictions such partnership agreements may be registered and available for public inspection. If no written partnership agreement exists, all partners are treated as equals.

Some of the topics covered in the partnership agreements are:

Ownership interest
Loans by partners
Allocation of profits
Management
Duties of partners
Salaries & compensation
Borrowing money
Reimbursement
Competition
Authority
Power of attorney
Admission of new partners
Meetings
Termination and more.

In In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. In civil law, the partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on a enterprise, contribute to it, by combining property, knowledge or activities and to share its profit.

Strict liability is a legal doctrine that makes a person responsible for the damages caused by their actions regardless of fault. Strict liability often applies to those engaged in hazardous or inherently dangerous ventures. The law imputes strict liability to situations that it considers to be inherently dangerous; this discourages reckless behavior and needless loss. It also has the effect of simplifying litigation and allowing the victim to become whole more quickly. Strict liability is important in the law of torts, product liability, corporations law, and criminal law