A partnership is a form of a business entity that provides many more advantages than any other form of business entity. There are several basic principles of a partnership that once understood, the reader can use to his advantage in the small business world. Below are descriptions and an explanations of the basic principles of a partnership and the corresponding legal impact.
Mutual reliance is a principle of dependence and cooperation between two or more individuals in the success of the business operation. Mutual reliance is most commonly explained in partnership and membership agreements.