A business partnership refers to some form of agreement between more than one individual to shared cooperation toward the end of carrying out common goals and acting for common interests. Moreover, a partnership of this kind will involve the two or more parties to the agreement designating themselves, by shared agreement, as co-owners.
A business partnership can be designated as such in most areas and legal jurisdictions of the world, and in the specific instance of the U.S., a partnership can be created according to many different possible forms in accordance with the laws of the particular state in which the business partnership is put into effect. Additionally, U.S. Federal law allows for a great deal of leniency on the part of state legislatures as to the specific definition of a business partnership. Most specifically, a business partnership might be created as a general, limited, or limited liability partnership.