Caleb, Isaiah, Kylie, and Taylor are all lawyers. After several years of working for big firms, they decide to pull their resour
ces and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk.
This type of corporation or coming together to form a business is called partnership
Explanation:
A partnership is simply known to be the coming together or an associatation whereby there are 2 or more persons for the purpose of a profit business and they are called co-owners of the business.
Partnership do exist when there is A profits or losses to be shared, A joint ownership of the business and an equal right to be involved in management. An agreement in partnership exist in oral, written, or implied by conduct and partners in this regard have equal rights in managing, unless if there is an alternative agreement.
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