A business partnership is a formal arrangement between two or more individuals or entities to operate a business together. In this setup, partners share responsibilities, profits, and losses according to their agreement. Partnerships can take various forms, such as general partnerships, where all partners manage the business, or limited partnerships, where some partners have limited involvement. Partnerships are often established through a legal document called a partnership agreement, which outlines each partner's roles, contributions, and how profits will be distributed. This structure allows partners to combine resources, skills, and expertise, potentially leading to greater success than operating individually.