The document defines a partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. There are two main kinds of partnerships: partnerships at will, which have no fixed term, and particular partnerships, which are formed for a specific period or venture. A partnership is dissolved upon the occurrence of certain events such as the expiry of a fixed term, the completion of an agreed undertaking, the death or insolvency of a partner, or by agreement or notice of the partners.