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Partnership
Term category: General Business
In 10 words or less: A business arrangement where multiple people share a business (and the risks).

Definition: A business structure in which at least two people own and manage the business.

StockJargon Advice: Partnerships are easy to set up and that's why they're often preferred for small businesses with multiple owners. All profits are taxed on the individual partners taxes.

The downside is that they aren't very stable organizations. If a partner dies, it could send the business into disarray.

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