Partnership law governs the relationships and responsibilities between individuals who join together to conduct business. It outlines how partners share profits, manage liabilities, and make decisions. Partnerships can be formalized through written agreements or can exist informally, but clear terms help prevent disputes. In a partnership, each partner typically has a say in the business operations and shares in the profits. However, they may also be personally liable for the debts and obligations of the partnership. Understanding partnership agreements, liability, and profit-sharing is essential for anyone considering entering into a partnership.