What defines a partnership?

A partnership is specifically defined as an association of two or more individuals who come together to operate a business for profit. This arrangement allows partners to share the responsibilities, liabilities, and profits of the business. The essence of a partnership lies in its focus on business activities and objectives, making it fundamentally different from other types of relationships, such as friendships or community service efforts, which do not have a profit motive as their primary purpose.

In contrast to the other options, which mention personal relationships, community service, or the notion of a legal entity, the defining characteristic of a partnership is the mutual economic goal shared by its members. The partners contribute resources, whether they are capital, labor, or expertise, to achieve this business purpose together. This cooperative structure enables them to leverage each other's strengths, manage risks collectively, and enhance their chances for success in the marketplace.