Individuals in a legal relationship for the purpose of conducting a business enterprise. See also, Partnership. Partnership: A partnership is one of two categories: general and limited. A general partnership is an association of at least two or more persons who co-own a business. Partnerships are formed when two or more persons agree to share ownership, management, profits, and liabilities of a business venture. A limited partnership is a partnership where only general partners may run the business, while limited partners cannot perform any management functions. However, limited partners may contribute capital, share in the profits, and are limited from liability. All limited partnerships must have at least one general partner, who remains personally liable for all debts and liabilities of the partnership, and any number of limited partners.