A partnership is a business relationship between two or more people carrying on a business together with the goal of making a profit. In a partnership, each partner is personally liable for the actions of the other partners and all debts of the business. Partnerships can take various forms, including general partnerships where liability is unlimited, limited partnerships where some partners have limited liability, and partnerships for a specified time period or purpose. The key characteristics of partnerships are that partners share profits and losses of the business and have unlimited liability for debts of the business.