A partnership is the result of a contract between two or more persons, called partners, who wish to operate a business for profit. Each partner makes a financial contribution (money or property), a professional contribution (work or expertise), or both.
Where there is only one partner left in the partnership, and no one joins the partnership within 120 days, the partnership is dissolved.
The liability of the partners differs according to whether the partnership is a general partnership, a limited partnership or a joint venture.