A partnership is defined as an association of two or more persons to carry on as co-owners a business for profit. The premise is built around the notion that the combined power of the partners exceeds the sum of the value the partners could generate independently.
Uniform Partnership Act
The Uniform Partnership Act is a basic set of rules governing the set-up, operation and termination process for a general partnership operation. The core set of rules have been established as law in all states thus creating a universal understanding and acceptance of what a partnership entails.