A partnership arises whenever two or more people co-own a business, and share in the profits and losses of the business. Each person contributes something to the business -- such as ideas, money, or property -- though management rights and personal liability will vary depending on which of three modern partnership forms the business takes: general partnership, limited partnership, or limited liability partnership - See more at: http://smallbusiness.findlaw.com/incorporation-and-legal-structures/types-of-partnerships.html#sthash.VJzlvkfO.dpuf