A business partnership is a formal arrangement where two or more individuals or entities collaborate to operate a business together. Each partner contributes resources, such as capital, skills, or labor, and shares in the profits and losses of the business. Partnerships can take various forms, including general partnerships, limited partnerships, and limited liability partnerships, each with different legal implications and responsibilities. In a partnership, decision-making is typically shared among the partners, which can lead to diverse ideas and strategies. However, it also means that partners must communicate effectively and manage conflicts to ensure the business runs smoothly. Successful partnerships often rely on trust, mutual respect, and clear agreements outlining each partner's roles and responsibilities.