Partnership

A partnership is kind of like when you have a friend that you do things together with, but you both work on something together instead of just playing. Let's say you and your friend want to sell lemonade, but you need help with money to buy the supplies. You can ask your friend to help you and split the cost of everything. Then, when you sell the lemonade, you both share the money you make.

But a partnership isn't just for selling lemonade. Grown-ups can also have partnerships for things like running a business, being a doctor or a lawyer, or even owning property together. When two or more people decide to go into business together, they are forming a partnership. They have to agree on how they will run the business, how much money they will each put in, and how they will share the profits or losses. Partnerships can be a great way to work together towards a common goal!