Partnerships involve a group of people working together in a business with the common of making a profit. These relationships are controlled by a partnership agreement (PA) between the partners, which can be express or implied, written, or unwritten.
Partnerships do not have their own legal identity, meaning they cannot own assets, provide security over them, or initiate or defend lawsuits. However, court rules allow partners to sue and be sued in the firm’s name rather than listing each partner individually.
