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partnership| Two or more persons carrying on a common business for shared profit. The business can be of any kind – for instance, solicitors, shop owners, or window cleaners. A partnership differs from a limited company in that the individuals remain separate in identity and are not protected by limited liability, so that each partner is personally responsible for any debts of the partnership. |
| In a limited partnership, a general partner or partners with a limited liability manage the enterprise, while limited partners have no management rights and their liability is limited to their investment. |
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