Partnership
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.
There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while partners may have limited liability in others. There also is the so-called "silent partner," in which one party is not involved in the business's day-to-day operations. Within the narrow sense of a for-profit venture undertaken by two or more individuals, there are three main categories of partnership: general partnership, limited partnership, and limited liability partnership [Investopedia].
Partnership: Definition, How It Works, Taxation, and Types. Investopedia. Retrieved from: https://www.investopedia.com/terms/p/partnership.asp