Legal definition of partnership
Business Law Legal Terminology


General partnerships are governed primarily by a Uniform Partnership Act (UPA). However, the Uniform Partnership Act (UPA) was adopted in nearly 40 US jurisdictions.
For tax purposes, a partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners. Each partner includes his or her share of the partnership's income or loss on his or her personal tax return.

See also: Limited Liability partnership (LLC)
Source: Internal Revenue Code. website
A California General Partnership must have two or more persons engaged in a business for profit. Except as otherwise provided by law, all partners are liable jointly and severally for all obligations of the partnership unless agreed by the claimant. Profits are taxed as personal income for the partners
Source: California Secretary of State webiste. website
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